N.Y. Tax Law § 1409: Returns

§ 1409. Returns. (a) (1) A joint return shall be filed by both the

grantor and the grantee for each conveyance whether or not a tax is due

thereon other than a conveyance of an easement or license to a public

utility as defined in subdivision two of section one hundred

eighty-six-a of this chapter or to a public utility which is a provider

of telecommunication services as defined in subdivision one of section

one hundred eighty-six-e of this chapter, where the consideration is two

dollars or less and is clearly stated as actual consideration in the

instrument of conveyance.

(2) When the grantor or grantee of a deed for a building used as

residential real property containing up to four family dwelling units is

a limited liability company, the joint return shall not be accepted for

filing unless it is accompanied by a document which identifies the names

and business addresses of all members, managers, and any other

authorized persons, if any, of such limited liability company and the

names and business addresses or, if none, the business addresses of all

shareholders, directors, officers, members, managers and partners of any

limited liability company or other business entity that are to be the

members, managers or authorized persons, if any, of such limited

liability company. The identification of such names and addresses shall

not be deemed an unwarranted invasion of personal privacy pursuant to

article six of the public officers law. If any such member, manager or

authorized person of the limited liability company is itself a limited

liability company or other business entity other than a publicly traded

entity, a REIT, a UPREIT, or a mutual fund, the names and addresses of

the shareholders, directors, officers, members, managers and partners of

the limited liability company or other business entity shall also be

disclosed until full disclosure of ultimate ownership by natural persons

is achieved. For purposes of this subdivision, the terms "members",

"managers", "authorized person", "limited liability company" and "other

business entity" shall have the same meaning as those terms are defined

in section one hundred two of the limited liability company law.

(3) The return shall be filed with the recording officer before the

instrument effecting the conveyance may be recorded. However, if the tax

is paid to the commissioner pursuant to section fourteen hundred ten of

this article, the return shall be filed with such commissioner at the

time the tax is paid. In that instance, a receipt evidencing the filing

of the return and the payment of tax shall be filed with the recording

officer before the instrument effecting the conveyance may be recorded.

The recording officer shall handle such receipt in the same manner as a

return filed with the recording officer.

(b) Subject to the provisions of section fourteen hundred twenty-three

of this article, the return shall be signed by both the grantor and the

grantee. Where a conveyance has more than one grantor or more than one

grantee, the return shall be signed by all of such grantors and

grantees. Where any or all of the grantors or any or all of the grantees

have failed to sign a return, it shall be accepted as a return if signed

by any one of the grantors or by any one of the grantees. Provided,

however, those not signing the return shall not be relieved of any

liability for the tax imposed by this article and the period of

limitations for assessment of tax or of additional tax shall not apply

to any such party.

(c) Returns shall be preserved for three years and thereafter until

the commissioner of taxation and finance permits them to be destroyed.

(d) The commissioner shall prescribe the form of the return, the

information which it shall contain and the documentation that shall

accompany the return. The commissioner shall prescribe that, for

recorded conveyances, such return shall be included on the form required

to be filed with a conveyance of real property by section two hundred

fifty-three-b of this chapter and the regulations promulgated

thereunder, except that such commissioner may prescribe a supplemental

form for purposes of the tax imposed by this article when the conveyance

is pursuant to or in lieu of foreclosure or the conveyance consists in

part of a mere change of identity or form of ownership or organization

or the conveyance is one for which a credit for tax previously paid will

be claimed. In addition, the commissioner, in the commissioner's

discretion, may enter into an agreement with the chief fiscal officer of

the cities of New York, Yonkers or Mount Vernon to provide that a single

return may be filed with a recording officer for purposes of the tax

imposed under this article and the tax imposed by such city.

(e) Certifications. The making or filing of any return or other

document or copy thereof, required to be made or filed pursuant to this

article, shall constitute a certification by the person making or filing

such return or other document or copy thereof that the statements

contained therein are true and that any copy filed is a true copy.