5% tax on land sale

Jasper · #1 08-31-2003, 05:23 PM

I thought that I had asked this already, but I don't see the thread in this forum. In any case, I read that the gov't will tax 5% on future land sales with their new 5% money grab. Is that already applicable? If I buy land today, does the seller now have to pay 5%? thanks in advance!

Fabio J. Guzman · #2 08-31-2003, 06:27 PM

The 5%+ transfer tax on real estate purchases has been in existence for many decades. Usually the buyer pays it, not the seller.

Perhaps you are confusing the new 5% tax on exports with the real estate transfer tax.

Jasper · #3 09-01-2003, 05:13 PM

ok. must have been an error in the article i read or i misread it. thanks.

calamardoazul · #4 09-19-2003, 09:38 PM

Jasper I ask you to let me know Mr. Fabio answer on this subject to confirm if I was rigth the time I posted something concerning to that issue, but thanks anyway buddy