NYC Real Property Income and Expense Filing Guide
This file provides detailed information on filing the Real Property Income and Expense Statement (RPIE) for property owners in NYC. It outlines the penalties for failing to file timely and accurately, along with instructions on how to file and receive waivers. Learn about the requirements and avoid penalties with this essential guide.
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How do I fill this out?
To fill out the RPIE, start by gathering all the necessary financial documents related to your property. Ensure that all income and expense details are accurate and complete before entering them into the form. Finally, submit the completed RPIE electronically by the deadline provided.
How to fill out the NYC Real Property Income and Expense Filing Guide?
1
Gather financial documents related to your property.
2
Complete the income and expense statement accurately.
3
Ensure all information is correct and itemized.
4
Submit electronically or request a paper form if applicable.
5
File by the July 1st deadline to avoid penalties.
Who needs the NYC Real Property Income and Expense Filing Guide?
1
Property owners with taxable income-generating properties.
2
Real estate investors maintaining rental properties.
3
Non-profit organizations owning income-producing realty.
4
Businesses leasing commercial spaces.
5
Senior citizens or disabled property owners seeking filing waivers.
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What are the instructions for submitting this form?
To submit the RPIE, complete the form accurately with all necessary income and expense details. Email the submission to rpie@finance.nyc.gov for non-utility properties, or utilityrpie@finance.nyc.gov for utility properties. Ensure you meet the July 1st deadline and check for confirmation of receipt.
What are the important dates for this form in 2024 and 2025?
For 2024, the RPIE filing deadline is July 1st. It is essential to submit your statement electronically by this date to avoid penalties. The same deadline applies for 2025 as well.
What is the purpose of this form?
The purpose of the RPIE is to ensure accurate reporting of income and expenses for taxable properties in New York City. This helps the Department of Finance assess properties correctly for tax purposes. Failing to file can result in penalties that impact property owners financially.
Tell me about this form and its components and fields line-by-line.
- 1. Property Address: The physical address of the income-generating property.
- 2. Gross Income: Total income generated from the property before expenses.
- 3. Total Expenses: All operating expenses associated with maintaining the property.
- 4. Net Operating Income: The difference between gross income and total expenses.
- 5. Attachments: Any necessary supporting documents, such as rent rolls or expense reports.
What happens if I fail to submit this form?
If the RPIE is not submitted on time, property owners may incur substantial penalties. Continued non-compliance can result in additional fees or complications in property tax assessments.
- Penalties for Late Submission: Failing to file can lead to monetary penalties based on property value.
- Loss of Filing Waivers: Without timely submission, property owners risk losing waiver eligibility for future filings.
- Risk of Audit: Failure to file may increase the likelihood of an audit by the Department of Finance.
How do I know when to use this form?
- 1. Report Income: To report rental and other income from your property.
- 2. Calculate Expenses: To detail the expenses incurred while maintaining the property.
- 3. Understand Tax Implications: To provide necessary information to avoid excessive taxes or penalties.
Frequently Asked Questions
What is the RPIE?
The Real Property Income and Expense Statement (RPIE) is a form that property owners in NYC must file annually to report income and expenses for their properties.
Who needs to file the RPIE?
All owners of income-producing properties and certain utility properties in NYC with assessed values over $40,000 are required to file the RPIE.
What happens if I miss the filing deadline?
Missing the filing deadline can result in penalties, including fees or the loss of appeal rights regarding property tax assessments.
Can I file the RPIE on paper?
Most property owners must file electronically; however, those who request and receive a waiver may file on paper.
How can I edit my RPIE form?
You can easily edit your RPIE form using PrintFriendly’s editing tools to ensure all information is accurate.
What are the penalties for late filing?
Penalties for late filing can vary based on the assessed value of the property, ranging up to several thousand dollars.
Can I appeal a penalty?
Yes, after receiving a final determination of a penalty, property owners can petition for judicial review.
What is the Cure Period?
The Cure Period is the additional 30 days given to file after a Non-Compliance Notice is received, during which no penalties will be assessed.
Where can I find more information about the RPIE?
For more information about the RPIE, you can visit the NYC Department of Finance's official website.
How will I know if my filing was successful?
You will receive a confirmation from the Department of Finance once your RPIE has been successfully submitted.
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