"Big Apple Buyers May Face Hefty Tax Bill: New York Lawmakers Consider Cash Home Purchase Levy A proposed tax on cash home purchases in New York City is making waves in state budget negotiations, with lawmakers considering a new levy on properties bought for at least $1 million in cash. The move is aimed at closing a tax loophole that allows wealthy individuals to avoid paying income tax on their profits from real estate sales. The tax, which would target high-end cash buyers, is part of a broader effort to generate revenue and address budget shortfalls in the state. As the proposal gains traction, it remains to be seen how it will impact the city's luxury real estate market and the wealthy individuals who call it home."
New York lawmakers are planning a new tax on New York City homes purchased in cash for at least $1 million, according to people familiar with the state budget negotiations.
