Who Needs Form RP-5217?
Form RP-5217 is officially called Real Property Transfer Report. This form concerns all property transfers that occur in New York State. Even non-sale transfers are accompanied by this form. All property owners who reside in New York State must fill out this form. However, there are certain entities and government agencies that don’t have to complete the form and pay tax on the transferred property. They include U.S. government, New York State agencies, foreign government entities, etc.
What is Form RP-5217 for?
Property transfer may give rise to income tax. This transfer tax is generally paid by the seller of the property but if the seller is exempt from taxes or they can’t for some reason pay this tax, it is imposed on the buyer of the property.
Is Form RP-5217 Accompanied by Other Forms?
Form RP-5217 doesn’t require additional documents.
When is Form RP-5217 due?
Form RP-5217 has no specific deadline. It is completed when the property transfer takes place.
How Do I Fill out Form RP-5217?
Form RP-5217 is a complex form consisting of seven fillable pages each followed by instructions. The form is divided into five sections:
Section 1 is for county use only
Section 2 contains property information including property location, buyer’s name, etc
Section 3 includes sale information such as date of sale and full sale price
Sections 4 is for property assessment information such as property class, its total value, etc
Section 5 is certification that must be signed and dated by property seller and the buyer
Where Do I Send Form RP-5217?
Form RP-5217 with complete and accurate information is sent to New York State Department of Taxation and Finance.