Form It-2664 - Nonresident Cooperative Unit Estimated Income Tax Payment Form - 2015 Page 2
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3Page 2 of 3 IT-2664 (2015)
Worksheet for Part 2
Use this worksheet to compute your gain or loss on the sale or
Publication 544, Sales and Other Dispositions of Assets; and
transfer of the cooperative unit. The gain or loss is computed in
Publication 551, Basis of Assets. These publications are available
the same manner as for federal income tax purposes. For more
on the Internal Revenue Service’s Web site at
information, see federal Publication 523, Selling Your Home;
Computation of cost or other basis
5 Purchase price of stock shares .........................................................................................................
5.
Increases to basis:
6 Improvements...............................................................................
6.
7 Closing costs ................................................................................
7.
8 Other
8.
(explain)
9 Add lines 6, 7, and 8..........................................................................................................................
9.
10 Add lines 5 and 9............................................................................................................................... 10.
Decreases to basis:
............................................................. 11.
11 Depreciation
(if applicable)
12 Other
12.
(explain)
13 Add lines 11 and 12 ........................................................................................................................... 13.
............................................................... 14.
14 Adjusted basis of stock shares
(subtract line 13 from line 10)
Gain or loss
................................... 15.
15 Sale price less selling expenses
(enter here and on the front page, Part 2, line 1)
......................................................................................... 16.
16 Cost or adjusted basis
(from line 14 above)
17 Total 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-2664-V on page 3. 17.
Estimated tax due
18 Enter the gain from line 17
18.
(if only a portion of the gain from line 17 is subject to tax, see instructions below)
19 New York State tax rate 8.82% (.0882) ............................................................................................. 19.
.0882
20 Estimated 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-2664-V, Nonresident Cooperative Unit Estimated Income Tax Payment Voucher, on page 3.)
00
20.
Specific instructions for Worksheet for Part 2
• If two or more persons transfer or sell the cooperative
Note: See Form IT-2664-I, Instructions for Form IT-2664, for
complete instructions.
unit, allocate the total gain on the cooperative unit among
the transferors/sellers in the same manner as the gain is
Lines 5 through 17 – Multiple transferors/sellers: Enter the total
allocated for federal income tax purposes. Attach a statement
purchase price, adjustments to basis, and sale price to determine
to Form IT-2664 showing each transferor’s/seller’s name, SSN
the total gain (or loss). See Line 18 below for allocation of the gain.
or EIN, address, and share of the gain.
• If the gain is being reported as an installment sale, enter
Line 5 – Your purchase price of stock shares in a cooperative
the amount of gain that you (and your spouse, if applicable)
unit is usually the cost of stock in the cooperative housing
will be reporting on your 2015 federal income tax return.
corporation, which may include your share of a mortgage on
the building owned by the cooperative housing corporation
• A nonresident estate or trust must enter the amount of the
on the date of the purchase of stock interest, if such portion is
gain, without regard to any distributions, from line 17.
properly allocable to your cooperative unit and must be paid as
a condition of retaining your stock interest in the cooperative
Line 19 – When computing tax due on the gain from the transfer
housing corporation. This amount must be computed in the
or sale of the cooperative unit, you must use the tax rate equal to
same manner as for federal income tax purposes.
the highest rate of tax for the tax year as set forth in the Tax Law,
section 601. For tax year 2015 that rate is 8.82% (.0882).
Line 18 – Enter the gain (or portion of the gain) from line 17 that
will be reported on your federal income tax return for 2015.
Line 20 – This is the amount of your required estimated tax
payment. Enter this amount on the front page, Part 2, line 3, and
• If only a portion of the cooperative unit qualifies as your
as your estimated tax payment on Form IT-2664-V on page 3.
principal residence, enter the gain allocated to the portion
You must complete Form IT-2664-V, even if there is no payment
of the cooperative unit that did not qualify as your principal
of estimated personal income tax due.
residence and will be reported on your federal income tax
return for 2015. Attach a statement to Form IT-2664 showing
how you computed the allocation.
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