IT-2664: Nonresident Cooperative Unit Estimated Income Tax Payment Form - valid for sales or transfers (date of conveyance) after December 31, 2023, but before January 1, 2025 (2024)
New York · NY DTF · Used for tax years 2024
Form IT-2664 reports a nonresident seller’s sale or transfer of a New York cooperative unit, the gain, and estimated income tax due. It also includes a certification for specified reasons no estimated tax payment is required. The supplied form text is for 2023, not the requested
Who files this form
Version note: The supplied form is labeled 2023, not 2024. The details below describe that printed form and do not establish the requirements for 2024.
Form IT-2664 is for a nonresident of New York State selling or transferring a cooperative unit. It includes options for an individual, estate, or trust.
Part 3 provides a certification for sellers who do not owe estimated tax because the transfer results in a loss or zero gain for federal income tax purposes, or because an Internal Revenue Code provision other than section 121 does not require recognition of gain or loss.
When it's due
For the 2023 tax year, the supplied form is valid for conveyances after December 31, 2022, but before January 1, 2024.
Mail Form IT-2664, any estimated income tax payment, and Form TP-584 with its separate transfer tax payment within 15 days of delivery of the instrument effecting the disposition.
The supplied text does not give a 2024 filing deadline.
What you'll need
Have the following information and forms ready:
- Seller's name, SSN or EIN, address, and any applicable spouse or fiduciary information.
- Cooperative unit address, unit number, county, and date of conveyance.
- Purchase price of the stock shares, improvements, closing costs, depreciation, other basis adjustments, sale price, and selling expenses for the worksheet.
- Form IT-2664-V, the payment voucher included with the form, even if no estimated tax is due.
- Form TP-584 to mail with Form IT-2664.
Additional information may be required:
- For a unit that only partly qualifies as a principal residence, attach a statement showing the gain allocation.
- For multiple sellers, attach a statement with each seller's name, SSN or EIN, address, and share of the gain.
- For an installment sale, provide the duration of the installment agreement.
- For a nonrecognition claim in Part 3, provide a summary identifying the Internal Revenue Code sections and supporting facts.
How to file
For the supplied 2023 form:
- Complete the sale or transfer information in Part 1.
- Complete the worksheet on page 2 before filling out Part 2. Complete Part 3 if claiming one of its reasons for nonpayment.
- Sign and date Part 4. Include the spouse's signature if applicable.
- Complete Form IT-2664-V and leave it attached to the rest of the form.
- Attach a separate check or money order for the full estimated income tax due, payable in U.S. funds to NYS Income Tax. Write your name, the last four digits of your SSN or EIN, and 2023 IT-2664-V on the payment.
- Mail Form IT-2664 and Form TP-584 together. Any real estate transfer tax due on Form TP-584 must have a separate check or money order.
Mail to:
NYS TAX DEPARTMENT
RETT PROCESSING UNIT
90 COHOES AVE
GREEN ISLAND NY 12183-1515
The form also allows private delivery services. It refers to Publication 55 for designated services and where to send the forms. A private service's recorded date can establish the filing or payment date only if the service is designated as described on the form.
Common mistakes
- Skipping the worksheet: Complete the Worksheet for Part 2 before completing Part 2.
- Leaving out the voucher when no tax is due: Form IT-2664-V is required even when the estimated payment is zero.
- Detaching the voucher: Keep it attached to the rest of Form IT-2664.
- Reducing the payment for earlier credits or payments: Remit the full amount on Part 2, line 3, without regard to prior credits or estimated payments for the tax year.
- Combining tax payments: The estimated income tax payment must be a separate check or money order, not combined with any other tax or fee.
- Missing an allocation statement: Attach the required statement for multiple sellers or when only part of the unit qualifies as a principal residence.
Questions people ask
What if the sale produces a loss or zero gain?
The worksheet directs you to enter zero on lines 17 and 20 and on Part 2, line 2. Complete Part 2, Part 3, and Form IT-2664-V.
How is the estimated tax calculated on the supplied form?
For tax year 2023, multiply the gain subject to tax on worksheet line 18 by 10.90% and round to the nearest whole dollar. Enter the result on worksheet line 20 and Part 2, line 3. This rate is stated for 2023, not 2024.
What if I report the gain using the installment method?
Mark Yes for question B and provide the agreement's duration. On the supplied 2023 worksheet, enter on line 18 the gain you and your spouse, if applicable, will report on your 2023 federal income tax return.
How do multiple sellers divide the gain?
First use the total purchase price, basis adjustments, and sale price to determine the total gain or loss. Allocate the gain among sellers in the same way it is allocated for federal income tax purposes, and attach the required statement showing each seller's information and share.