Your guide to transfer tax forms
Transfer tax is determined as payment for passing a title or property from one owner to another. A property transfer tax may be charged by a state, county, or municipality for the privilege of transferring real estate within the jurisdiction. The amount of the transfer tax depends on the property's classification and value.
Importantly, transfer tax is levied when requesting the legal registration of transfers of real estate, bonds, stocks, and stamp duty. Consequently, the IRS offers specially designed real estate transfer tax forms.
The applicants who pay federal taxes should file forms 709, 706, 8288 (8288-A, 8288-B). Here are some basic details about these reports:
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