N.Y. Comp. Codes R. & Regs. tit. 20 § 575.14
Current through Register Vol. 46, No. 45, November 2, 2024
Tax Law, §§ 1409, 1410, 1415(c), 1419(c)
(a)(1) Except as provided in paragraph (2) of this subdivision, the grantor and grantee must file a joint return for each conveyance whether or not tax is due. The return must be made on a form prescribed by the department.(2) The filing of a joint return by the grantor and grantee as described in paragraph (1) of this subdivision is not required for a conveyance of an easement, or license to a public utility as defined in subdivision 2 of section 186-a of the Tax Law, if each of the following conditions are met: (i) the consideration for the easement or license is $2 or less; and(ii) such consideration is clearly stated in the instrument of conveyance.(b) Except as provided in paragraph (a)(2) of this section, if a conveyance is to be recorded, the return must be filed with the recording officer of the county where the conveyance is recorded. A recording officer cannot record a conveyance unless the transfer tax return has been filed and any tax due has been paid. Recording officers are authorized to collect the tax and accept returns only in those cases where an instrument effecting a conveyance of real property is presented for recording. The recording officer must indicate the amount of tax paid on the return and on the instrument presented for recording. If a conveyance is not recorded, or if the conveyance will be recorded after the time has expired for paying the tax, the tax return, together with any tax due, must be filed with the department at the time indicated in subdivision (c) of this section. Upon receiving the return and any tax due, the department will issue upon request, a receipt to the person filing the return evidencing the filing of the return and the payment of tax. For purposes of recording the instrument effecting the conveyance the recording officer shall handle such receipt in the same manner as a return filed with the recording officer.(c) The return is due and the tax must be paid no later than the 15th day after the date on which the instrument effecting the conveyance is delivered by the grantor to the grantee. For purposes of this Part, the date of the instrument is presumed to be the date of delivery of the instrument. This presumption may be rebutted by the person liable for payment of the tax.(d) Where the conveyance is of real property situated in more than one county and the instrument effecting the conveyance is to be recorded in more than one county, the return must be filed with, and the tax due paid to the recording officer of the county where the instrument effecting the conveyance is first recorded. At the request of the person presenting the instrument effecting the conveyance for recording, the recording officer must sign a copy of the instrument and indicate on the copy that the required return has been filed and the amount of tax paid. The endorsed copy of the instrument effecting the conveyance of real property may then be recorded by the recording officer of another county.(e) Both the grantor and grantee are required by statute to sign the return. If the conveyance has more than one grantor or grantee, all grantors and all grantees shall sign the return. Nonetheless, if any one of the grantors or grantees sign the return, it will be accepted as a valid return by the recording officer and by the department. However, those grantors or grantees not signing the return are not relieved of any liability for the tax due and the period of limitations for determination of tax due provided for in section 575.15(b) of this Part does not apply to anyone who does not sign the return.(f) For good cause shown, the Commissioner may grant an extension of time not exceeding three months within which to file a return. An application for such extension must be made in writing prior to the due date of the return. Where an extension of time is granted, the taxpayer is nevertheless required to file a tentative return on or before the due date of the return. The tentative return must show the estimated tax due and such tax must be paid at the time of filing of the tentative return. A final return must be filed on or before the expiration date of the additional period of time granted. The balance of the tax due plus interest thereon at the underpayment rate of interest prescribed by section 575.20 of this Part must be paid at the time of the filing of the final return.(g) Any tax return filed with the department pursuant to subdivision (b) of this section should be mailed to the Department of Taxation and Finance, Transaction and Transfer Tax Bureau, Real Estate Transfer Tax Section, Building 9, W. A. Harriman Campus, Albany, New York 12227. N.Y. Comp. Codes R. & Regs. Tit. 20 § 575.14