Transfer Tax on Real Estate

fatlazyless · 12-05-2009, 07:53 PM

$117,000 for the State of NH....way-to-go NH!...what a deal....was it a difficult deal for the state to negotiate....$117,000 r e transfer tax!

Sooner or later, the info on the new owner and what's planned for the property will be leaking out....should be a good one to window shop from the water....anyone want to be the first gossip leak?

Is their last name Woods....as in Tiger? He could swing at that place or go practice at www.waukewan.com.
.......

If the new owner purchases land across the road, increasing the property to more than 10 acres, could he be successfull having it zoned as 'common use'? Is that a real possibility or just floatsum & jetsum?

Just Sold · 12-06-2009, 11:53 AM

The new owner is L. Lakehouse, LLC a Delaware Limited Liability Company. Book: 2611, Page 0039 recorded at Belknap County Registry of Deeds

Their mailing address is in Stamford, CT but I found no other information on them in an internet search.

oliviernh · 12-07-2009, 12:02 PM

Sorry Rattlesnake Guy...transfer/stamp taxes are not deductible on your federal return. If you are the seller the transfer taxes reduce the proceeds from the sale and if you are the buyer they add to your cost basis of the property. I think this is correct unless something has changed recently.

Rattlesnake Guy · 12-07-2009, 09:11 PM

Quote:

Originally Posted by oliviernh

Sorry Rattlesnake Guy...transfer/stamp taxes are not deductible on your federal return. If you are the seller the transfer taxes reduce the proceeds from the sale and if you are the buyer they add to your cost basis of the property. I think this is correct unless something has changed recently.

I stand corrected. After rechecking the IRS document, you are correct.

Reinforces the old axiom, never accept tax advice from a lakes region forum member.

12-05-2009, 07:53 PM	#1
fatlazyless Senior Member Join Date: Apr 2004 Posts: 8,779 Blog Entries: 1 Thanks: 300 Thanked 1,022 Times in 744 Posts	$117,000 for the State of NH....way-to-go NH!...what a deal....was it a difficult deal for the state to negotiate....$117,000 r e transfer tax! Sooner or later, the info on the new owner and what's planned for the property will be leaking out....should be a good one to window shop from the water....anyone want to be the first gossip leak? Is their last name Woods....as in Tiger? He could swing at that place or go practice at www.waukewan.com. ....... If the new owner purchases land across the road, increasing the property to more than 10 acres, could he be successfull having it zoned as 'common use'? Is that a real possibility or just floatsum & jetsum? __________________ ... down and out, liv'n that Walmart side of the lake! Last edited by fatlazyless; 12-05-2009 at 08:51 PM.

12-06-2009, 11:53 AM	#2
Just Sold Senior Member Join Date: Apr 2004 Location: Suncook, NH, but at The Lake at Heart Posts: 2,615 Thanks: 1,083 Thanked 434 Times in 210 Posts	50-60 Wagon Wheel Meredith The new owner is L. Lakehouse, LLC a Delaware Limited Liability Company. Book: 2611, Page 0039 recorded at Belknap County Registry of Deeds Their mailing address is in Stamford, CT but I found no other information on them in an internet search. __________________ Just Sold At the lake the stress of daily life just melts away. Pro Re Nata

12-07-2009, 12:02 PM	#3
oliviernh Member Join Date: Sep 2004 Location: Hampton and Rattlesnake Island Posts: 33 Thanks: 0 Thanked 2 Times in 1 Post	Sorry RG-transfer taxes are not deductible Sorry Rattlesnake Guy...transfer/stamp taxes are not deductible on your federal return. If you are the seller the transfer taxes reduce the proceeds from the sale and if you are the buyer they add to your cost basis of the property. I think this is correct unless something has changed recently.