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Updated over 3 years ago, 05/22/2021

User Stats

18
Posts
6
Votes
Chris C.
  • Developer
  • Bethel, CT
6
Votes |
18
Posts

Conveyance Tax Question - State of CT

Chris C.
  • Developer
  • Bethel, CT
Posted

Our LLC will be purchasing a single family property next week for $200K in the State of CT. We have a buyer (under contract) with a target close date of June 15th (or sooner) to purchase the house for $125K. Since we are buying the house and the seller next week is paying related taxes is their a loop hole that can help us avoid paying a conveyance tax since the property will be flipped 3-4 weeks later? I've looked at the states conveyance tax law and can't find a grey enough area that this would fall under. Any help would be greatly appreciated.

Please do not focus on the loss on the transaction (other than it impacting the conveyance tax).  This is part of a larger deal that is selling.  We purchased a 8,000sqft warehouse and the single family house is the property next door that we are picking up in the deal.  The $75K loss shifts to the warehouse that has been rezoned and approved to become 14 apartments in a TOD zone.

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