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Updated over 7 years ago,
Transfer Tax in Family Transaction (Philadelphia, PA)
Hello,
I'm hoping someone can clarify this for me as I've gotten conflicting information.
Scenario: Husband and Wife purchasing home that is owned by Husband's Grandmother, Mother and Uncle jointly (each have 1/3 interest and all 3 are on the deed).
My understanding:
Husband and Wife are considered a single entity for purpose of this transaction. No transfer tax is owed on 2/3rds of the property owned by Husband's Grandmother and Mother. Transfer tax is owed on 1/3rd of the property owned by Husband's Uncle as there is not a direct lineage.
Conflicting information I've received:
*Additional* transfer tax is owed if Wife is on the agreement of sale and deed transfer, but avoided if Wife is left off the transaction and added to the deed at some later point in time.
I understand and accept the usual disclaimers (consult a lawyer, not legal advice, etc.), and would appreciate any comments on this issue. I did try to find the answer to my question (and plan on seeking legal consult), but I thought it best to ask here as well.
Thanks!