This includes state or federal government-owned property transferred to a non-government entity. RPTT applies whenever the sale or transfer is more than $25,000. What Property Transfers are Subject to the Tax? Multiple-Member LLCsĪ grantor or grantee that is a multiple-member LLC will be required to provide the name and identification numbers (either Social Security or EIN) of each member in an attached document If the Social Security number or EIN is not provided for each grantor and grantee, or for all members of an LLC which is either a grantor or grantee, attach an affidavit attesting to the reasons that the information is missing. If the name or identification number is not provided, attach an affidavit attesting to the reasons that the information is missing. All Other LLC TransfersĪ grantor or grantee that is a single-member LLC will be required to provide the names and identification numbers of both the LLC and the single member on the first page of Form NYC-RPT. A natural person cannot be a corporation or partnership, a person or people operating a business under a doing-business-as name, an estate, or a trust. The term “natural person” means a human being who is the beneficial owner of the real property. If any member of the LLC is itself an LLC or other business entity, the names and business addresses of the shareholders, directors, officers, members, managers and/or partners of that LLC or other business entity must also be provided until ultimate ownership by natural persons is disclosed. The enhanced member list must include the name and business address of all members, managers, and other authorized persons of the LLC. This new enhanced member list is to be provided as an alternative to the identifying information requested in the instructions for Form NYC-RPT. Enhanced Documentation for Certain Residential Deed TransfersĮffective September 13, 2019, when a limited liability company is the grantor or grantee in a real property deed transfer of a building containing one- to four-family dwelling units, an enhanced member list must be attached to Form NYC-RPT. Please take note of the new enhanced reporting requirements for certain residential deed transfers occurring on or after September 13, 2019, per Section 2 of Chapter 297 of the Laws of New York of 2019.
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