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Other transactions which are excluded from tax include: (1) A transfer to the United States or the Commonwealth or to an instrumentality, agency or governmental body of either if the transfer is: (i) In lieu or confirmation of a taking by eminent domain.
Some real estate transfers are exempt from realty transfer tax, including certain transfers among family members, to governmental units, between religious organizations, to shareholders or partners and to or from nonprofit industrial development agencies.
A transfer of real estate for no or nominal consideration to an ordinary trust is fully taxable unless the transfer of the same real estate would be wholly excluded if the transfer was made directly from the grantor to all of the possible beneficiaries who have a remainder interest or who are otherwise entitled to receive the real estate or the ...
( See Title 61 PA Code Section 91.154.) However, a transfer of real estate from a family member to a family farm corporation or family farm partnership, including a LLC, LP and a LLP is exempt from realty transfer tax.
Pennsylvania’s Realty Transfer Tax Law (72 P.S. § 8101-C et seq.) and its accompanying regulations (61 Pa. Code § 91.1 et seq.) impose a 1% state realty transfer tax on the value of real estate represented by a document presented for recording.
transfer of the same property would be exempt from tax if the transfer were made directly by the grantor to all the possible (including contingent) beneficiaries.
Browse Pennsylvania Code (Rules and Regulations) | Subchapter I - EXCLUDED PARTIES AND TRANSACTIONS for free on Casetext
The Bulletin addresses issues of tax payment and refund procedures for realty transfer tax (“RTT”). RTT applies to the transfer of real estate unless an exemption applies. The tax generally consists of state (1%) and local (1%) components for a total tax of two percent.
The tax liability of a nonexempt party to a transaction may be discharged by the other parties as they agree but without prejudice to the rights of the Commonwealth against nonexcluded parties to the transaction.
What is the rate and basis of the PA realty transfer tax? Is there realty transfer tax due when an individual transfers property to a business firm owned by other members of the family? Is a transfer from a father to a step-son exempt of PA realty transfer tax?