Land Transfer Tax

What is land transfer tax?

Land Transfer Tax Definition: A land transfer tax is when a charge is applied to a transaction that effectively transfers ownership of a property or home from one party or individual to another. It’s typically not tax-deductible and may be required by the city, state, or country, with varying details.

While it’s not subject to tax on state or federal income taxes, the cost may be added to sales profit, especially when a transfer involves investment property. The amount of the tax charged is based on the property’s value, and inheritance tax may fall into this category.

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