Legal Question in Real Estate Law in New York

I grew up in NY but now live in Canada. I have dual citizenship - US and Canada. My mother died and I inherited 1/5 of her NY home which had a date of death value of $880,000. The home is being sold for $715,000. My attorney says that taxes (FIRPTAA and transfer tax and income tax) will be withheld due to my being a Canadian. It doesn't make sense since there is a loss. Can someone explain please. Or do I need a new attorney.


Asked on 10/11/10, 7:11 am

1 Answer from Attorneys
Arnold Nager Arnold H. Nager, Esquire

Your attorney is correct.

NY State was losing a lot of taxes on sales transactions involving non-residents. You pay at closing and file for a refund when you file your tax return.

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Answered on 10/16/10, 3:01 pm


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