David45
01-25-2005, 11:41 PM
I co-owned a 40 acre parcel of land with my father since 1996, last year i removed my father from the deed, making me sole owner. now reeder township said i have to pay over double the tax because of a law stating sale of property. can this be correct?
elklaw
04-25-2005, 07:58 PM
If no money changed hands, it is not a sale. You need to let them know this is an intra-family transfer. That should not be taxable, but in some instances they may assume since it is a non-arms length transaction that you got a benefit of half the value and may try to tax you on this. Consult the office to learn the basis for the tax, dispute it and seek assistance from a tax professional.