A New York Affidavit Claiming Exemption from Mortgage Tax Aggregation when Mortgagor-Borrower is Individual is a legal document used to claim an exemption from mortgage tax in the state of New York. This affidavit affirms that the Mortgagor-Borrower is an individual or sole proprietorship and not an entity, such as a corporation, partnership, trust, or LLC. It also states that the loan is for personal, family, or household purposes and is not for business or investment purposes. This document must be provided to the lender in order to receive the exemption. There are two types of New York Affidavit Claiming Exemption from Mortgage Tax Aggregation when Mortgagor-Borrower is Individual: the Single-Family Residence Exemption Affidavit and the Multi-Family Residence Exemption Affidavit. The Single-Family Residence Exemption Affidavit is used when the loan is for one single-family residence. The Multi-Family Residence Exemption Affidavit is used when the loan is for multiple residential units.
New York Affidavit Claiming Exemption From Mortgage Tax Aggregation When Mortgagor-Borrower Is Individual
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FAQ
Deponent certifies that the mortgagee is a natural person, and that the mortgaged premises consists of real property improved by a structure containing six or fewer residential dwelling units, each with separate cooking facilities.
Original or expected balance for your mortgage. Taxpayers can deduct the interest paid on qualified residences for up to $750,000 in total mortgage debt (the limit is $375,000 if married and filing separately). Any interest paid on first, second or home equity mortgages over this amount is not tax-deductible.
Do you have to pay NYS mortgage tax on a refinance? New York charges a NYS mortgage tax or specifically a recording tax on any new mortgage debt. This rate varies by county, with the minimum being 1.05 percent of the loan amount. But fortunately, homeowners aren't required to pay the tax again once they refinance.
The mortgage recording tax requires purchasers to pay 1.8% on mortgage amounts under $500,000 and 1.925% on mortgage amounts above $500,000 in NYC (this includes the recording tax for both New York City and New York State). NY state imposes a mortgage tax rate of 0.5%.
If you refinance your mortgage for an amount that is equal to or less than your current principal balance. You will not be subject to the NYC Mortgage Recording Tax.
Tax Deductions You cannot deduct the amount paid for your mortgage recording tax when you file with the IRS. You can, however, add this amount to the cost basis of your property. If and when you sell, you will benefit from the added value.
Are Transfer Taxes Deductible? Whether you buy or sell, the IRS doesn't allow you to deduct transfer taxes?or any other taxes involved in the sale of a personal home. This includes other costs like the recording tax paid on each mortgage.
This template is a Section 255 Affidavit, which is used in New York to confirm that the portion of debt secured by a consolidation, extension, and modification agreement (CEMA), for which mortgage recording tax has already been paid, is exempt from mortgage recording tax pursuant to NY CLS Tax § 255.
