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Get NY DTF IT-2663-I 2021

For more information see Form IT 2105 or Form IT-2106 and their instructions. Page 2 of 3 IT-2663-I 2019 Item B When fiduciaries file the estate s or trust s income tax return for the year they may elect to have any portion of estimated tax payments allocated to any of the beneficiaries. In addition complete Part 3. IT-2663-I 2019 Page 3 of 3 Part 3 Nonpayment of estimated tax by a nonresident upon sale of real property If you complete Worksheet for Part 2 on Form IT-2663 page 2 and line 17 of the worksheet results in a loss less than or equal to zero mark an X in box 4A and continue with these instructions. IT-2663-I Note Property that qualifies in total as the principal residence of the transferor/seller qualifies for the exemption even if part of the gain is not excluded under IRC section 121 because the gain exceeds the amount of the exclusion provided for in that section. The transferor/seller is a mortgagor conveying the mortgaged property to a mortgagee in foreclosure or in lieu of foreclosure with no additional consideration Tax Law section 663 c 2. Department of Taxation and Finance Instructions for Form IT-2663 Nonresident Real Property Estimated Income Tax Payment Form General information Effective for sales or transfers of a fee simple interest in real property on or after September 1 2003 nonresident individuals estates and trusts are required to estimate the personal income tax liability on the gain if any from the sale or transfer of certain real property located in New York State. Unless the transfer is exempt as explained below you must use Form IT-2663 Form to compute the gain or loss and pay the full amount of estimated tax due if applicable. Use 2019 Form IT 2663 for sales or transfers of real property that occur after December 31 2018 but before January 1 2020. Nonresident individuals estates and trusts should take into account the amount of estimated tax paid with Form IT-2663 when they file their 2019 New York State income tax return* Any tax refund that is due can be claimed at that time. Estimated tax payments made with Form IT-2663 cannot be refunded prior to the filing of an income tax return* The requirement for payment of estimated tax under Tax Law section 663 does not apply to individuals estates or trusts who are residents of New York State at the time of the sale or transfer. Additionally the requirement may not apply to certain sales or transfers of real property even if the individual estate or trust is a nonresident at the time of the sale or transfer Tax Law section 663 c. See Exempt sales or transfers below. New York State Form TP-584 Combined Real Estate Transfer Tax Return Credit Line Mortgage Certificate and Certification of Exemption from the Payment of Estimated Personal Income Tax Schedule D must be completed for sales or transfers of property by New York State residents and nonresidents claiming exemption from the payment of estimated personal income tax under Tax Law section 663. For more information see Form TP-584 and its instructions. Note Any deed for a fee simple interest in real property by an individual estate or trust should not be recorded by any recording officer unless each transferor/seller listed as a grantor/transferor on Form TP-584 Schedule A or an attachment to Form TP-584 has signed Form TP-584 Schedule D or presents to the recording officer Form IT-2663 with full payment of estimated personal income tax due if any.

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