2007-03-02 05:26:27 · 4 answers · asked by godlove_u 1 in Business & Finance ➔ Taxes ➔ United States
No sales tax ever. There is a fee for recording the transaction in the county and then the state requires stamp fees be paid to them. There is also a possible release fee if it is under a mortgage now-- but no sales tax
I am a mortgage banker in TN & KY
2007-03-02 05:35:33 · answer #1 · answered by golferwhoworks 7 · 0⤊ 0⤋
No, sales tax is not assessed on real estate transactions regardless of who the parties are.
The seller may have to pay capital gains taxes if he made a profit on the transaction.
2007-03-02 13:30:17 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
I wouldn't collect the sales tax if I were you. Let the Buyer deal with it. Once the property is out of your hands, it's no longer your problem. Why give yourself more paperwork at Tax time?
2007-03-02 13:33:26 · answer #3 · answered by vicarious_notion 3 · 0⤊ 1⤋
No, thats is determined after a price is agreed upon so a value can be established. Once the value is established, the amount of taxes can then be calculated.
2007-03-02 13:34:18 · answer #4 · answered by Sane 6 · 0⤊ 1⤋