Real estate blog entries tagged with cooperatives by Steve Dean (RE/MAX Allegiance 202-338-8900)

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Home : Blogs : Steve Dean : Steve Dean's Blog : Tag "cooperatives"

cooperatives: Cooperatives Will Soon Be Subject to Transfer and Recordation Taxes - 07/06/09 12:42 PM

Historically, cooperatives have been exempt from paying a transfer and a recordation tax upon sale.

Beginning October 1, 2009, the transfer of shares in a cooperative will be taxed by the District of Columbia. The current tax rate is 1.45% of the sales price for cooperatives selling for $400,000 or more. If the price is under $400,000, the tax is 1.1% of the sales price.

Even if you're not planning to sell your unit, you could be subject to the transfer and recordation tax if you plan to add someone to your shares after September 30, 2009.

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Steve Dean

Washington, DC

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RE/MAX Allegiance 202-338-8900

Address: 220 7th Street SE, Washington, DC, 20003

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