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Recently New York City Imposes Pied-a-Terre Tax on Nonresident Homeowners
New York City's proposed pied-à-terre tax could affect owners of high-value, non-primary residences, including properties held through trusts, LLCs, and corporations. Learn about potential tax thresholds, primary residence exemptions, implications for trusts and estates, and how nonresident homeowners can evaluate their exposure, understand possible exemptions, and protect their rights as legislation develops.
The Pros and Cons of Owning Real Property in New York as a LLC
Owning real property in New York through an LLC can provide liability protection, privacy, and financial advantages, but it also carries potential tax, financing, and compliance concerns. Learn the pros and cons of LLC real estate ownership, including transfer taxes, Labor Law liability, corporate formalities, and costs before choosing the right ownership structure.