New York State has made recent changes to personal income taxation of transfers of cooperative apartments of which you should be aware. The legislature amended the state tax law (§§ 631, 633) to include as taxable income the gain realized from the transfer of co-op apartment shares by an individual, trust, or estate that is not a resident of New York State.  Such gain will also be treated as taxable income of the nonresident if the shares are held in a partnership.  These changes are retroactive to January 1, 2004. In addition, to assist in the collection of tax on… Read more