Reported 1 day ago
The mansion tax is a fee applied to residential properties sold for over a certain threshold, typically $1 million or more, calculated as a percentage of the sale price. Primarily paid by buyers at closing, this tax can significantly impact real estate transactions. Strategies to minimize this tax include negotiating the sale price, structuring purchases to separate certain items, or buying through an LLC. Various states, including New York and California, have their own mansion tax structures, making it essential for potential buyers to understand their financial responsibilities.
Source: YAHOO