A few weeks ago, we notified you of the new legal requirements for the TP 584 and NYC RPT forms on 1 to 4 family residential properties. The law has not changed and there is no official form. However, we now seeing the application by County government.
The State Department of Taxation and Finance posted information on its website. In addition to the information required by the statute, they indicate that the documentation which accompanies the TP584 should also include taxpayer ID numbers and percentage interest for the members of the LLC and its business entity members. “Should” means “absolutely must” as applied by the various County Clerks and NY City Register who have rejected deeds by reason that this information is not being shown by attachments. Also, include percentage interest and Taxpayer ID numbers in any document attached to the TP-548 and NYC RPT.
We also found, we were able to record with an LLC wholly owned by a publicly traded corporation by using the Name of the person who is the secretary of the Corporation, the business address and EIN of the corporation and a statement that it is a publicly traded corporation listed on the NY Stock exchange and it’s Ticker symbol is ____.
We will continue to keep you advised as this change is implemented.
For more information, please contact Deborah Gallo, Director of Operations at [email protected]