Transfer Tax Refund for Home Sellers

In December, a new state law went into effect which could qualify individuals who have recently sold their home for a state transfer tax refund.

*How may you qualify?*

1. If you sold your home in the last four years, and
2. If your state equalized value (SEV) at the time of the sale was lower or equal to the SEV when you purchased the home.

If an individual qualifies, then he or she does not have to pay the state transfer tax and may be eligible for a refund if the transfer tax was paid upon sale. Form 2796 (Application for State Real Estate Transfer Tax Refund) must be completed.