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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: I don't want to lie, especially when I don't have to... Posted by jom-CA on August 20, 2003 at 7:25 PM In Reply to: I don't want to lie, especially when I don't have to... posted by Ward-CA- on August 20, 2003 at 5:53 PM : ANSWER: Doing it your way you would have to lie in order to make from the seller to you read zero transfer tax. : Doing it our way, the owner's not selling the property, she's truly just transfering it to her trust. So the deed reflects that there's not any transfer tax due. The assignment to us of the beneficial interest in trust takes place a number of days later. Since that's a sale of a personal property interest there's no transfer tax due then either. If the deception is the problem then I, frankly, don't see any difference here. The assingment method or this method are both using deception techniques in one way or another. Because in both methods the property is being sold...however that is moot for my question. : ANSWER: Then, if the outside world doesn't see the difference, you shouldn't have any trouble doing it the safe way. It isn't a matter of being "safe". It was just that I knew someone who had problems with this method with a seller. So I just thought it might be easier to just do the transfer to a trust that doesn't involve the seller at all. jom Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : ANSWER: Doing it your way you would have to lie in order to make from the seller to you read zero transfer tax. : : Doing it our way, the owner's not selling the property, she's truly just transfering it to her trust. So the deed reflects that there's not any transfer tax due. The assignment to us of the beneficial interest in trust takes place a number of days later. Since that's a sale of a personal property interest there's no transfer tax due then either. : If the deception is the problem then I, frankly, don't see any difference here. The assingment method or this method are both using deception techniques in one way or another. Because in both methods the property is being sold...however that is moot for my question. : : ANSWER: Then, if the outside world doesn't see the difference, you shouldn't have any trouble doing it the safe way. : It isn't a matter of being "safe". It was just that I knew someone who had problems with this method with a seller. So I just thought it might be easier to just do the transfer to a trust that doesn't involve the seller at all. : jom Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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