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....

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