Miscellaneous Tax: LLCs Required to Disclose Individual Members When Filing Joint Real Property Transfer Tax Return

18 September 2019

New York legislation requires limited liability companies (LLCs) to disclose the individual members of the company when it files a joint real property transfer tax return for any sale of real residential property that it is named the grantor or grantee in.

Application Of New Requirement

This new requirement only applies to residential property containing one- to four-family dwelling units.

Return Requirement

The joint tax return must be accompanied with a list identifying all the members, managers, and any other authorized persons.