Conveyance Tax

Submitted by Over_Razzmatazz3417 t3_10vbeg9 in Connecticut

Had to sell the house in CT since tenants were not paying rent and I needed money for a family emergency, luckily didn't need eviction process. I lived in the house for about 7 years prior to rent it. I thought I did not have to pay conveyance taxes on the sale since I lived there before. Does anyone know how this works and what I need to do to avoid paying this tax?

Thank you.

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EarthExile t1_j7gmlpr wrote

Every time a landlord's little hustle falls apart, an angel gets its wings

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sld06003 t1_j7in1ak wrote

100%!! Make your money, invest....contribute to the shortage of affordable houses by driving up the cost to buy....don't complain about tax.

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CTRealtorCarl t1_j7gkc5t wrote

I have never heard of a seller not having to pay conveyance tax in CT.

The list of exemptions can be found Here and they are pretty rare circumstances.

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danhm t1_j7hg8w3 wrote

You'll want to talk to a real estate lawyer or accountant instead of us random idiots on Reddit.

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jdhall1984 t1_j7hq0ey wrote

Real estate agent here. Conveyance tax is a mandatory fee paid by the seller. It was supposed to be a temporary item that was passed several years it. It is split between the town and the state. I tell clients to estimate about 1% of the sales price, but to check with their attorney for their figure.

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psyco-the-rapist t1_j7h11h5 wrote

Are you talking about Federal capital gain tax? If so it has to be lived in for two years and be your primary household at sale and be under the 250/500 thousand threshold. Well it use to be like that. Not an accountant.

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Slight_Awareness_769 t1_j7h8h5h wrote

That's different. He's gotta fork over 0.75-2.25% of the purchase price to the state of CT. Gain or no gain, pain

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WonderChopstix t1_j7imtkv wrote

I actually wanted to look up the most recent rules. Have handy? I am lazy Isn't there an exemption if u buy a new one within a year of like kind

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HeartsOfDarkness t1_j7ijikn wrote

You're going to have to pay the conveyance tax, there is no exemption based on owner-occupancy.

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asspirate420 t1_j7iy1f3 wrote

You’re going to have to pay .75% (more if it’s over $800,000) to the state and .25-.50% to your town depending on the town no matter what.

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realbusabusa t1_j7izvpv wrote

CT and taxes, name me a more iconic duo

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