Land Trust And Transfer Tax
Under which circumstances would Transfer Tax need to be paid, if property is transffered to Land Trust.
Would transfer tax need to be paid, if property is transfered to land trust and seller is the beneficiary?
Would transfer tax need to be paid, if you transfer property you own to land trust and you are the beneficiary?
Whould transfer tax need to be paid if you buy a property and transfer it to land trust and and you are the beneficiary?
jeff,
I appreciate your feedback, it is interesting that you are saying not to hide the sale, but the whole point of putting sub-2 in the land trust, is to not let the lender know that transfer happened, so as not to trigger DOS... are you recommending not to do that because that would hide the transfer from lender?
the last property we did, we had it deeded into trust with the original owner as beneficiary and one of us as trustee, there was no transfer tax because we werent paying anything for it. we paid the seller a couple grand seperatly with a bill of sale for goods in the house. but we did have to fill out the transfer tax form, dont know why. so i guess that anytime you deed a property to anyone or anything for any certain amount of money there will be a transfer tax.
are you guys saying that by paying transfer taxes it will alert the lender? how and why?
[ Edited by ZinOrganization on Date 02/18/2005 ][ Edited by ZinOrganization on Date 02/18/2005 ]