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A real estate transfer tax, sometimes called a deed transfer tax or documentary stamp tax, is a one-time tax or fee imposed by a state or local jurisdiction upon the transfer of real property.
Generally, "like kind" in terms of real estate, means any property that is classified real estate in any of the 50 U.S. states or Washington, D.C., and in some cases, the U.S. Virgin Islands. Taxpayers who hold real estate as inventory, or who purchase real estate for re-sale, are considered "dealers".
Real estate transfer taxes have become controversial in some U.S. jurisdictions seeking to increase transfer taxes on higher end property sales to help combat issues like homelessness. 2022's Chicago's Bring Chicago Home initiative, seeks to increase transfer taxes on $1 million transactions by 253% or t o 2.65% or $26,500 per million dollar of ...
Real estate transfer tax can be appointed by the authorities of state, county or commune when a real estate property is being transferred within a certain jurisdiction. Subjected to the tax is usually the act of transfer of legal deeds, certificates and titles to a property that are being shifted between the seller and the buyer.
The Willow Reservoir or Willow Flowage is an artificial lake in Oneida County, Wisconsin formed by a dam on the Tomahawk River. The dam and reservoir level are controlled by the Wisconsin Valley Improvement Company as part of regulating the overall flow of the upper Wisconsin River. When full, Willow Reservoir has a surface area of 6306 acres. [1]
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An update to the IRS's portability rule will help wealthy American families save a lot of money on taxes when they leave behind inheritances to heirs. See: Ways You Can Lose Your Social Security...
A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in return."