We are pleased to report that the New York State Department of Taxation and Finance and the New York City Department of Finance have rescinded their prior stance requiring complete ownership disclosure of LLC sellers and purchasers of condominium units. They have issued a Technical Memorandum (TSB-M-19(2)(R)) disclosing this policy change.
This will be a great relief to those developers and individuals who utilize the LLC form of ownership precisely for the anonymity it confers.
The disclosure requirements still apply to LLC grantors and grantees of residential buildings containing 1 to 4 family dwelling units.
To view the Technical Memorandum, please click here.
If you have any questions please call 212-935-1400.