Is maintenance taxable in Illinois?

Is maintenance taxable in Illinois?

The seller of maintenance agreements and warranty contracts does incur a use tax liability on its cost price of any tangible personal property transferred in honor of a maintenance agreement. See Illinois Administrative Code, Title 86, Section 140.301.

Is there capital gains tax between husband and wife?

Capital Gains Tax Transfers of assets between spouses or civil partners are exempt from CGT. Transfers of assets between spouses or civil partners who are separated are exempt from CGT if they are made under a separation agreement or a court order.

Can I gift my share of the house to my wife?

In New South Wales, there are certain exemptions available. No transfer duty is payable if the transfer is between married couples and de facto partners and the house is your principal place of residence, and you could be exempt from paying it if a domestic relationship breaks up and a title transfer is required.

Can I gift my house to my daughter?

You can give ownership of your property to a family member as a gift. This simply requires filling out the necessary paperwork with your state revenue office and title office, including a Transfer of Land. Your conveyancer may advise you to organise a Deed of Gift as well.

How long does it take to transfer a property to someone else?

It usually takes four to six weeks to complete the legal processes involved in the transfer of title.

Can you change a mortgage into someone else’s name?

If you simply want to transfer your own mortgage to another person, it is possible, but there are a few strings attached. This is known as gifting a property. Lenders will only entertain this once the original mortgage has been cleared. Typically, you’re removing yourself from the mortgage by repaying the loan in full.