New York's Cooperative and Condominium Community
I was a holder of unsold shares in a coop. One of the benefits of that status is not being subject to the coop's flip tax. Then, 23 years after I purchased the apartment I moved in. That triggered loss of unsold share holder status. Now, 13 years later, I am selling the apartment. Our Coop has a flip tax based on profit. Do I use the initial purchase price (from 36 years ago) or measure the value of the apartment at the time of loss of holder of unsold share status in computing the flip tax?
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You'd need to ask an accountant (or a lawyer) to be sure, but it's hard to see how you could argue that the base price is anything other than your original acquisition cost. You were the owner from that point forward and your stock and lease surely carry that date.
Also, as a practical matter, unless you had an apartment appraisal done when you lost your status as a Holder of Unsold Shares, you'd be hard pressed to establish its actual value at that point.
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