Online House Hunting

If a private owner sell property such as land must he also include sales tax in the total amount?

Public Comments

1. No, sales tax is not assessed on real estate transactions regardless of who the parties are. The seller may have to pay capital gains taxes if he made a profit on the transaction.
2. I wouldn't collect the sales tax if I were you. Let the Buyer deal with it. Once the property is out of your hands, it's no longer your problem. Why give yourself more paperwork at Tax time?
3. No, thats is determined after a price is agreed upon so a value can be established. Once the value is established, the amount of taxes can then be calculated.
4. No sales tax ever. There is a fee for recording the transaction in the county and then the state requires stamp fees be paid to them. There is also a possible release fee if it is under a mortgage now-- but no sales tax I am a mortgage banker in TN & KY