It 2663 Form – Fill Out and Use This PDF

The Form IT-2663 is a critical document issued by the Department of Taxation and Finance, designed for nonresidents of New York State involved in the sale or transfer of real property, to estimate and pay income tax on the gains from such transactions. Explicitly tailored to prevent nonresident sellers from evading tax responsibilities, this form, alongside the estimated tax due, must be submitted to the appropriate recording officer when the deed is recorded, rather than directly to the Tax Department. For individuals looking to navigate the complexities of real estate transactions effectively, understanding the requirements and accurately completing the Form IT-2663 is paramount. Click the button below to start your form.

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It 2663 Form PDF Details

The Form IT-2663, issued by the New York State Department of Taxation and Finance, plays a crucial role in the process of selling or transferring real property by nonresidents of New York State. It mandates the submission of an estimated income tax payment on gains from such transactions, aligning with Tax Law – Article 22, Section 663. Primarily, this form is to be handed to the recording officer alongside the deed when it is time for recording, significantly differing from the protocol for sales, transfers, or dispositions of cooperative housing corporation stock shares by nonresidents, which instead utilizes Form IT-2664. Eligibility for using this form is specified by the date of conveyance, strictly for sales or transfers occurring after December 31, 2021, and before January 1, 2023. The form intricately outlines the seller's or transferor's identity, whether an individual, estate, or trust, and delves into whether the transaction entails installment agreements or partial qualification of the sold property as the principal residence. A meticulous approach is adopted in Part 2 for computing estimated tax, emphasizing sale price, total gain, and corresponding tax dues, stipulated in detailed accompanying worksheets. It further accommodates conditions where a nonresident's sale results in no obligatory estimated tax payment due to either a recognized loss for federal income tax purposes or specific exemptions under the Internal Revenue Code. Completion and submission protocols underscore the necessity for accuracy and completeness, as affirmed by the transferor or seller's certification. The provision for a dedicated voucher, Form IT-2663-V, even in scenarios void of tax payment requirements, underscores the procedural thoroughness for recording and financial accountability. This form thus serves as a pivotal document ensuring nonresident compliance with New York State's tax requisites on real property transactions, encapsulating a broad spectrum of transaction types while offering clear guidance on tax estimation and submission procedures.

Question	Answer
Form Name	It 2663 Form
Form Length	3 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	45 sec
Other names	NY DTF IT-2663 2021-2022 - Fill out Tax Template Online ...

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Department of Taxation and Finance

Nonresident Real Property

Estimated Income Tax Payment Form

For use on sale or transfer of real property by a nonresident of New York State

Tax Law – Article 22, Section 663

Submit your completed Form IT-2663 with full payment of estimated tax due, if any, to the recording officer at the time the deed is presented to be recorded. Do not mail Form IT-2663 to the Tax Department.

Do not use Form IT-2663 for the sale, transfer, or other disposition of shares of stock by a nonresident in a cooperative housing corporation. Use Form IT-2664, Nonresident Cooperative Unit Estimated Income Tax Payment Form, instead.

IT-2663

For office use only

This form is valid for sales or transfers (date of conveyance) after December 31, 2021, but before January 1, 2023.


A	The transferor/seller is:	an individual	an estate or trust
B	Is the transferor/seller reporting the gain for federal income tax purposes under the installment method?				Yes		No
	If Yes, what is the duration of the installment agreement?			months		years

C Mark an X in the box if only a portion of the real property being sold or transferred qualifies as the principal residence of the transferor(s)/seller(s) listed below.

Part 1 – Sale or transfer information (see Form IT-2663-I, Instructions for Form IT-2663, for assistance)

Transferor/seller name		Transferor/seller identification number (SSN or EIN)

Spouse’s name or name of fiduciary (if applicable)		Spouse’s SSN

Address of transferor/seller (number and street; see instructions)	City		State	ZIP code

Mailing address of transferor/seller or fiduciary (if different)	City		State	ZIP code

Location and description of property transferred (include county and tax map number)

Tax map designation

Section	Block	Lot

Date of conveyance

–– 2022

Part 2 – Estimated tax information (Complete Worksheet for Part 2 on page 2 before completing this part.)

1	Sale price (from Worksheet for Part 2, line 15)	1.
2	Total gain (from Worksheet for Part 2, line 17; if a loss, enter 0)	2.
3	Estimated tax due (from Worksheet for Part 2, line 20)	3.

Part 3 – Nonpayment of estimated tax by a nonresident upon sale of real property (see instructions)

4This is to certify that the transferor/seller of this property is a nonresident of New York State and is not required to pay estimated tax under Tax Law section 663 due to one of the following reasons:

A The sale or transfer of this property results in a loss (less than or equal to zero) for federal income tax purposes (you must complete Worksheet for Part 2 on page 2 of this form).

B The transferor/seller is not required to recognize any gain or loss with respect to the transfer under provisions of the Internal Revenue Code (IRC) (except for section 121) (you must complete the summary below).

Brief summary of the transfer (include the section(s) of the IRC and facts supporting the claim that the recognition of the gain or loss is not required with respect to the sale or transfer):

Part 4 – Signature

I, the undersigned, certify that this form including any certification and attachment(s), is to the best of my knowledge and belief, true, correct, and complete.

Signature of transferor/seller

Date

Signature of spouse (if applicable)

Date

Page 2 of 3 IT-2663 (2022)

Worksheet for Part 2

Use this worksheet to compute your gain or loss on the sale or transfer of the real property. The gain or loss is computed in the same manner as for federal income tax purposes. For

more information, see federal Publication 523, Selling Your

Home; Publication 544, Sales and Other Dispositions of Assets; and Publication 551, Basis of Assets. These publications

are available on the Internal Revenue Service’s website at www.irs.gov.

Computation of cost or other basis

5	................................................................................................................Purchase price of property		5.
	Increases to basis:
6	Improvements	6.

7	Closing costs	7.
8	Other (explain)
8	Other (explain)	8.
9	.........................................................................................................................Add lines 6, 7, and 8		9.
10	Add lines 5 and 9		10.
	Decreases to basis:
11	Depreciation (if applicable)	11.

12	Other (explain)	12.
13	..........................................................................................................................Add lines 11 and 12		13.
14	......................................................................Adjusted basis of property (subtract line 13 from line 10)		14.

Gain or loss

15	Sale price less selling expenses (enter here and on the front page, Part 2, line 1)	15.
16	Cost or adjusted basis (from line 14 above)	16.

17Total gain or loss: Subtract line 16 from line 15. If the amount is a gain (greater than zero), enter here, on the front page, Part 2, line 2, and continue with line 18. If the amount is a loss (less than or equal to zero), enter 0

	here, on line 20 below, and on the front page, line 2. Complete Part 2, Part 3, and Form IT-2663-V on page 3. ...	17.
Estimated tax due
18	Enter the gain from line 17 (if only a portion of the gain from line 17 is subject to tax, see instructions below)	18.
19	New York State tax rate 10.90% (.1090)	19.

20Estimated tax due (Multiply line 18 by line 19, and round to the nearest whole dollar; enter here and on the front page,

Part 2, line 3. Complete Form IT-2663-V, Nonresident Real Property Estimated Income Tax Payment Voucher, on page 3.) 20.

.1090

Specific instructions for Worksheet for Part 2

Note: See Form IT-2663-I, Instructions for Form IT-2663, for complete instructions.

Lines 5 through 17 – Multiple transferors/sellers: Enter

the total purchase price, adjustments to basis, and sale price to determine the total gain (or loss) on the real property. See Line 18 below for allocation of the gain.

Line 18 – Enter the gain (or portion of the gain) from line 17 that will be reported on your federal income tax return for 2022.

•If only a portion of the property is located inside New

York State, enter the gain allocated to the portion of the property located inside New York State. Attach a statement to Form IT-2663 showing how you computed the allocation.

•If only a portion of the property qualifies as your principal

transferors/sellers in the same manner as the gain is allocated for federal income tax purposes. Attach a statement to

Form IT-2663 showing each transferor’s/seller’s name, SSN or

EIN, address, and share of the gain.

•If the gain is being reported as an installment sale, enter the amount of gain that you (and your spouse, if applicable) will be reporting on your 2022 federal income tax return.

•A nonresident estate or trust must enter the amount of the gain, without regard to any distributions, from line 17.

Line 19 – When computing tax due on the gain from the transfer or sale of the real property, you must use the tax rate equal to

the highest rate of tax for the tax year as set forth in the Tax Law section 601. For tax year 2022 that rate is 10.90% (.1090).

residence, enter the gain allocated to the portion of the property that did not qualify as your principal residence and will be reported on your federal income tax return for

2022. Attach a statement to Form IT-2663 showing how you computed the allocation.

Line 20 – This is the amount of your required estimated tax payment. Enter this amount on the front page, Part 2, line 3 and as your estimated tax payment on Form IT-2663-V on page 3. You must complete Form IT-2663-V, even if there is no payment of estimated personal income tax due.

•If two or more persons transfer or sell the real property, allocate the total gain on the property among the

IT-2663 (2022) Page 3 of 3

Note: You must complete Form IT-2663-V (below), even if there is no payment of estimated personal income tax due.

This area is for county clerk use only.

Attach check or money order here.

You must attach a separate check or money order made payable in U.S. funds to NYS Income Tax for the full amount of estimated

personal income tax due as shown on Part 2, line 3, and

Form IT-2663-V (below).

Do not detach

Department of Taxation and Finance

Nonresident Real Property Estimated Income Tax Payment Voucher

For use on sale or transfer of real property by a nonresident

Enter date of conveyance and total payment in the boxes to the right. Print your name, the last four digits of your Social Security number or employer identification number, and 2022 IT-2663-V on your payment. Make payable to NYS Income Tax.

Identification number (SSN or EIN of the estate or trust)	Mark an X in one box:
			Individual			Estate/trust

Individual taxpayer’s full name or name of estate or trust

Spouse’s name (if applicable) or name and title of fiduciary		Spouse’s SSN

Individual taxpayer’s street address or address of fiduciary or representative					(see instructions)		Total payment
							Total payment

City, village, or post office				State	ZIP code

IT-2663-V

Date fiscal year ends

Date of conveyance

Dollars Cents

0431220094

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Pay close attention while filling out this document. Make certain all necessary fields are completed properly.

1. Whenever submitting the It 2663 Form, be certain to include all essential blank fields in the associated section. This will help to facilitate the work, allowing your information to be processed without delay and accurately.

2. Once your current task is complete, take the next step – fill out all of these fields - Total gain from Worksheet for, Estimated tax due from Worksheet, Part Nonpayment of estimated tax, This is to certify that the, under Tax Law section due to one, The sale or transfer of this, The transferorseller is not, Internal Revenue Code IRC except, Brief summary of the transfer, Part Signature I the undersigned, Signature of spouse if applicable, Date, and Date with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

3. Your next stage will be easy - complete all the fields in Computation of cost or other basis, Purchase price of property, Decreases to basis, Gain or loss, Sale price less selling expenses, here on line below and on the, front page Part line and, Estimated tax due, Enter the gain from line if only, and Part line Complete Form ITV in order to complete this process.

As to here on line below and on the and Estimated tax due, ensure that you take another look here. Those two are the most important ones in this document.

4. It's time to complete this fourth section! In this case you'll have these Department of Taxation and Finance, Enter date of conveyance and total, Mark an X in one box, Individual taxpayers full name or, Individual, Estatetrust, Date fiscal year ends, Date of conveyance, Spouses name if applicable or name, Individual taxpayers street, City village or post office, State, ZIP code, Dollars, and Cents empty form fields to do.

The best ways to prepare It 2663 Form portion 4

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