New IT-2663 (2012)

For any transactions in the year 2012 the new IT-2663 form MUST be used. The new form has a box in the upper right hand corner showing 12/11 (December 2011) inside to help identify the new form.

Due to recent legislative changes, the new Nonresident Real Property Estimated Income Tax Payment forms have been changed to reflect a revision in the applicable personal income tax rate at which the taxpayer must pay. The highest effective rate of income tax was changed to 8.82%. The revised form reflects this higher amount as the applicable personal income tax rate at which taxpayers must calculate and pay their estimated tax liability on a sale or transfer of real property located in New York State occurring on or after January 1, 2012, but before January 1, 2013. By requiring payment at the highest rate upon filing the IT-2663, the state encourages out of state sellers of real property in New York State to file NYS tax returns reflecting their actual rate. Upon filing, any overpayment caused by the estimated payment is refunded.

The new forms can be obtained:

Do not use any forms downloaded before Dec. 20, 2011 from NYS Dept. of Taxation

If you have any questions please do not hesitate to contact this office.

Created By: The Cornerstone Land Abstract LLC Team
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