N.Y. Comp. Codes R. & Regs. tit. 20, § 163.4 – Exemption from requirements. | Midpage
§ 163.4
N.Y. Comp. Codes R. & Regs. tit. 20, § 163.4
Exemption from requirements.
Department of Taxation and Finance
(a) Section 663(d) of the Tax Law provides that the requirements of section 663 of the Tax Law do not apply where:
(1) the real property being sold or transferred is the principal residence of the seller or transferor within the meaning of section 121 of the Internal Revenue Code (see subdivision [b] of this section);
(2) the seller or transferor is a mortgagor conveying the mortgaged property to a mortgagee in foreclosure or in a transfer in lieu of foreclosure with no additional consideration (see definition of consideration in section 575.1[d] of this Title); or
(3) the seller or transferor, or transferee is an agency or authority of the United States of America, an agency or authority of New York State, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, or a private mortgage insurance company.
(b) The principal residence exemption set forth in paragraph (a)(1) of this section applies only where the property being sold or transferred qualifies in total as the principal residence of the seller or transferor. If the property being sold or transferred includes both the principal residence and other property, then the taxpayer must file and pay any estimated tax due based on the gain from the other property.