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New York State Department of Taxation and Finance Claim for Special Additional Mortgage Recording Ta

New York State Department of Taxation and Finance Claim for Special Additional Mortgage Recording Ta 2025

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The document IT-256 is a form issued by the New York State Department of Taxation and Finance for claiming the Special Additional Mortgage Recording Tax Credit under Tax Law Article 22, Section 606(f). It outlines the necessary information required from individuals, partnerships, and fiduciaries to calculate and report the credit based on mortgage recording taxes paid. The form includes sections for detailing property information, partnership or estate trust shares, and computations for the available tax credit.

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How do I avoid mortgage recording tax in NY?

The most common way to avoid paying a mortgage recording tax in New York City is to purchase a co-op rather than a condo or another type of residential property. You might wonder why co-ops, but not condos and other residential properties, are exempt from the mortgage recording tax, and the answer is simple.

What is the NYS special additional mortgage recording tax?

special additional tax of 25 cents per $100 of mortgage debt or obligation secured.

Why am I getting a letter from New York State Department of Taxation and Finance?

We may communicate with you by mail for many reasons, including: to send you a check for your refund or an additional payment; to let you know we adjusted your refund; to request information that supports what you reported on a return; and.

Who pays the mortgage tax in NY?

The mortgage loan borrower must pay the vast majority of the recording tax in New York City, which can be costly. The tax represents a percentage of the mortgage loan amount.

Is mortgage recording tax deductible?

Unlike mortgage interest, property taxes, or other deductions available to homeowners, MRT is considered a transactional expense and does not qualify as a personal tax deduction. The IRS does not allow taxpayers to deduct the cost of MRT when it is associated with purchasing or refinancing a primary residence.

How to calculate mortgage recording tax?

Take the principal of your mortgage, which is the total amount you are borrowing from a lender, and divide it by 100. Next, round up the quotient to the nearest whole number. Take the result and multiply it by your states specific mortgage recording tax rate. Finally, check for allowances.

New York State Department of Taxation and Finance Claim for Special Additional Mortgage Recording Ta 2025

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