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Homestead Deduction
Co-op Housing and Property Transferred to a Trust
To qualify for the Homestead Deduction in the case of a cooperative housing association, the unit must be occupied by the shareholder (or member) as his/her principal residence (domicile), and the benefit is granted to the cooperative (which will supply and collect the applications).
In the case of property transferred to a trust, the property may qualify for the Homestead benefit if:
- The property was eligible for the Homestead benefit before the transfer;
- The property is transferred to a revocable trust;
- The transfer is not for money (or other consideration); and
- The property remains the principal place of residence of the applicant/transferor/trustor before and after the transfer.
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