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A reader asked: “A month before I sold my Upper Manhattan co-op, I discovered that I would have to pay a flip tax of 2 percent of the sale price at the closing. It’s a significant amount! When my wife and I bought the apartment in 2013, the seller paid $20 per co-op share for the flip tax. I asked the co-op board for evidence that they have the right to collect this tax. The board sent me documents about how the co-op operates, which included nothing about the flip tax. Are they allowed by law to demand this tax? Can I fight it?”

What Is a Flip Tax, and Who Has to Pay It?

What Is a Flip Tax, and Who Has to Pay It?

https://www.nytimes.com

Sean Maguire, SPHR

Saved over $500,000 per year in payroll and workers’ compensation costs by analyzing time and attendance data and daily process workflows.

2d

It’s usually in the occupancy agreement or bylaws, no one reads them

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