An Explanation Of Real Estate Transfer Taxes In Your Area

in Estate Planning, Real Estate, Transfer Tax

/*! elementor - v3.10.0 - 09-01-2023 */ .elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}Your Area's Real Estate Transfer Taxes Explained Real estate transfer taxes can be confusing if you are moving to a new home. How much are you going to pay in transfer taxes? Are you still trying to figure out where to even start with all this? Let Berardi & Associates, LLC help you with all your needs. We will help you understand the property transfer process in your area. This includes learning about the tax rates and how they compare to those in your old area. If you have...

24 February

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Property Transfer Tax – City Of Chicago, Illinois (Let Us Help You)

Posted by Berardi Law

in Transfer Tax

Property Transfer Tax - City Of Chicago, Illinois (Let Us Help You)

Understanding Transfer Tax The government bodies charge a transfer tax. It includes the State of Illinois Real Estate Transfer Tax and the local City of Chicago Transfer Tax. It is levied on transferring a property's ownership or title to another from one person or entity. It is not usual to deduct it from federal or state income taxes. Still, you can add it to the cost basis for calculating profit on securities and investment sales. They consider a transfer tax an excise tax in certain states. But, several exceptions exist. The authorities may levy a fee for transferring real estate within the jurisdiction....