Record tax 2025

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KEEP 3 TO 7 YEARS Knowing that, a good rule of thumb is to save any document that verifies information on your tax returnincluding Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receiptsfor three to seven years.
In NYC, the buyer pays a mortgage recording tax rate of 1.8% if the loan is less than $500,000 and 1.925% if more than $500,000 or more. Buyers of commercial property pay 2.55%. These rates are what the buyer is responsible for. Your mortgage lender will also contribute 0.25%.
The mortgage recording tax requires purchasers to pay 1.8% on mortgage amounts under $500,000 and 1.925% on mortgage amounts above $500,000 in NYC (this includes the recording tax for both New York City and New York State).
First of all, you need a record of all the INCOME you received during the year, including: Salary/wages. Investments. Dividends. Managed funds. Allowances. Rent from rental properties. Income from letting a room.
The borrower typically pays the mortgage recording taxes, but in some cases the lender must pay the special additional tax. If the borrower or lender fails to pay the full mortgage tax, then the penalty can range from 0.5% to 1.0% or more of the unpaid tax per month.
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If the value is $500,000 or less, the rate is 1.425% of the price. If the value is more than $500,000 the rate is 2.625%.
The borrower must pay most of the recording tax in New York City. Borrowers must include the recording tax cost in the total cost of the property. The recording tax rate is broken down by state, and local portions are due when the mortgage gets recorded.
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.

liability 1430 irs