Taxes

New Real Estate Law Requires Disclosure of Shell Company Members

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A new law passed by the De Blasio administration concerning real estate sales in New York City requires disclosure of the names of shell company members.  Over half the luxury condos that sold for five million or more last year were purchased by LLCs.  Depending on the state in which the LLC was formed, individual members may not need to be named.  (For example, filing for an LLC in Delaware offers anonymity protection to its members).  Prior to the enactment of this law, it was easy for those owning property in NYC to avoid paying taxes on it by claiming residency outside the city. 

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