Today I wanted to talk to you about property transfer tax exemptions. These come up a lot, in Estate Planning and Real Estate Law in particular.
What are Property Transfer Taxes?
They are the transfer taxes that are assessed when you transfer a piece of real property to another person, entity or trust.
There are some exemptions that may apply, depending on the situation. Some of the most common exemptions are:
Exemption # 1: Let’s say you, as an individual, own your home. If you create a trust and want to transfer your home into your trust, this is generally exempt from transfer texts.
Exemption # 2: If you are a parent and you are transferring your home or some sort of piece of real property to a child, that is also generally exempt.
Exemption # 3: If you own a company like an LLC, and you’re the sole owner of the LLC – if you have a piece of property in your name that you want to transfer into the LLC, that also is typically exempt from transfer taxes.
There are a couple other exemptions that we can talk about if they ever come up. Ocampo Wiseman Law offer complimentary 15 minute phone consultations which you can schedule directly here or call our office at (702)850-7798.
