In Massachusetts, do I pay Sales TAX at the time of Closing? I understand about the tax on Capital Gains but

Asked by Tr, 02360 Mon Aug 11, 2008

am unsure about paying 'Sales Tax' time of closing.

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Answers

6
Irena, , Newton, MA
Wed Aug 13, 2008
The obligation to pay deed stamps is imposed on the seller, except in some instances where buyer agrees to pay for it.
2 votes
Corey Sprague…, Agent, Milton, MA
Sun Nov 14, 2010
Absolutely! The Common Wealth of Massachusetts won't let you go that easily. You pay a "tax stamp" which is $4.56 per/$1,000 of the selling price.
Selling price:
$100,000
100 x 4.46 = $456.

Maybe you can negotiate some of those closing costs when you receive an offer.

Corey Sprague
1 vote
Bill Gassett, Agent, Hopkinton, MA
Sun Jun 28, 2009
Yes. They tax is known as the Massachusetts tax stamp or transfer tax. The cost is $4.56 per thousand. So if you are selling a home for $300,000. The amount you would owe would be 4.56 x 300.
1 vote
Adrienne Hol…, , Millbury, MA
Thu Jul 14, 2011
Here is a complete explanation on the Mass tax stamps: http://massrealestatenews.com/tag/massachusetts-real-estate-…
0 votes
Jonathan Bow…, Agent, Stoughton, MA
Tue Aug 12, 2008
Yes, the cost is $4.56 per $1,000. They're called tax stamps and they bite you on the tush at closing. Figure it as an extra .456% at closing.
Web Reference:  http://www.bowenboston.com
0 votes
Vicky Chrisn…, , 20176
Mon Aug 11, 2008
I believe you do, although I can't give you an estimate. Do you need referral to a local real estate agent, or perhaps a settlement/closing attorney? I'd be happy to refer you - please feel free to contact me at vchrisner@kw.com
0 votes
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