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Talk2Planes
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Tennessee Transfer Taxes/Fees
Thursday, January 28 2010 10:19 AM
A couple years ago I prepared land trusts for propertys I own in tenessee, My primary residence is in KY. When I went to the court house to file the trust deeds, they wanted transfer taxes, and at one point asked for copys of the land trusts. I told the lady behind the counter I was not filing the land trusts and that it would kind of defeat the purpose of using the trusts in the first place. I ended up getting frustrated with the whole process and left and have been sitting on this every since.
Question, is it normal to pay transfer taxes on property when moving property out of my personal name and into the name of my trustees? Help Please!
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Randy Hughes
Land Trust Expert-40+ years of experience
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Re:Tennessee Transfer Taxes/Fees
Thursday, January 28 2010 10:53 AM
NO! Ask the person at the counter for the "exemption" language to place in your deed. This is an exempt filing and should not generate a tax. You have a federal right to place your property into a land trust and not be taxed.
Randy Hughes
866-696-7347
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Talk2Planes
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Re:Re:Tennessee Transfer Taxes/Fees
Monday, February 15 2010 10:53 AM
Thanks Randy, I will attempt to transfer these into a land trust once again. Another Question: does it matter which state the Trustee's reside in? Thanks again
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Randy Hughes
Land Trust Expert-40+ years of experience
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Re:Re:Re:Tennessee Transfer Taxes/Fees
Monday, February 15 2010 11:25 AM
Thanks Randy, I will attempt to transfer these into a land trust once again. Another Question: does it matter which state the Trustee's reside in? Thanks again
YES, IT SURE DOES MATTER. YOUR TRUSTEE SHOULD RESIDE IN THE SAME STATE AS THE SITUS OF YOUR TRUST. IN OTHER WORDS, IF YOU ARE USING A FLORIDA LAND TRUST, YOU NEED TO HAVE A FLORIDA TRUSTEE.
Randy Hughes
866-696-7347
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Talk2Planes
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Re:Re:Re:Re:Tennessee Transfer Taxes/Fees
Thursday, February 25 2010 08:03 AM
Thanks again, I live in Kentucky, my primary residence should then be put in a Ky. land trust. with a trustee in KY? My other propertys are in Tennessee, those propertys in Tennessee land trusts? someone in TN. to act as trustee. Or do those propertys get KY. land trusts, Ky trustees also?
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Randy Hughes
Land Trust Expert-40+ years of experience
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Re:Re:Re:Re:Re:Tennessee Transfer Taxes/Fees
Thursday, February 25 2010 09:41 AM
Planes,
PLEASE SEE MY RESPONSE BELOW IN BOLD.
RANDY
Thanks again, I live in Kentucky, my primary residence should then be put in a Ky. land trust. with a trustee in KY?
NOT NECESSARILY. IF YOU READ OUR LAND TRUSTS MADE SIMPLE HOME STUDY COURSE YOU WILL LEARN HOW TO/AND THE BENEFITS OF...USING AN OUT-OF-STATE TRUST TO HOLD TITLE TO PROPERTY IN YOUR STATE.
My other propertys are in Tennessee, those propertys in Tennessee land trusts? someone in TN. to act as trustee. Or do those propertys get KY. land trusts, Ky trustees also?
SAME ANSWER AS ABOVE. IT DEPENDS ON HOW MUCH ASSET PROTECTION YOU WANT. YOU NEED TO GET OUR HOME STUDY COURSE AND ALL YOUR QUESTIONS WILL BE ANSWERED.
Randy Hughes
866-696-7347
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