- Transfer taxes
Transfer taxes are imposed on the passing of title to property from one person (or entity) to another. Gift and estate taxes are both transfer taxes. Transfer taxes can be levied at the federal, state and local levels, depending on the type of property being transferred. States and local municipalities often tax the transfer of legal deeds, certificates and titles to property, while the Internal Revenue Service (IRS) taxes the value of the property itself through gift and estate taxes.