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When selling real estate property, does the seller have to pay a transfer tax?

April 26, 2017pay Property Real Estate seller Selling tax transfer

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When selling real estate property, does the seller have to pay a transfer tax?

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A. Yes, sellers of real estate are required to pay a 2% tax for each transfer of property. Real estate transfer tax can be offset as a direct credit against the income tax levied on the capital gain arising from the sale, if any.