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You are opting to tax land. For the purposes of VAT, the term âlandâ includes buildings. When you opt to tax, you can specify an area of land or a âbuildingâ. Commonly, you will specify a âbuildingâ because that is the prominent feature of the land.f you have recovered input tax on the basis of an intention to opt to tax and wish to retain the input tax recovered, you must make an option to tax at the very latest before any supplies of the land or buildings are made, and notify the option as detailed in paragraph 4.2.
A Stuart M. Saft, a Manhattan lawyer who is also chairman of the Council of New York Cooperatives and Condominiums, said that a flip tax is a transfer fee paid to a co-op corporation on the sale of a co-op apartment. The fee is usually calculated as a percentage of the gross sale price. The percentage ranges from 1 to 3 percent, with 2 percent being common. And while the flip tax can be paid by either the buyer or seller, Mr. Saft said, it is typically paid by the seller. ''During the last few years many apartment corporations have enacted flip taxes to generate additional revenue with which to maintain and upgrade their buildings,'' Mr. Saft said.