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Willing My Condo To A Friend

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If the beneficiary of my Will receives my Condo.

Do regular transfer Transfer taxes apply?

Do the rules change if the beneficiary was my wife?

As far as I know the Transfer Tax (2%) is payable whenever the property Title Deed is transferred at the Land Office. Individual Withholding Tax (Income Tax) and Specific Business Tax is not collected on inherited property.

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As far as I know the Transfer Tax (2%) is payable whenever the property Title Deed is transferred at the Land Office. Individual Withholding Tax (Income Tax) and Specific Business Tax is not collected on inherited property.

Thanks for your response.

The 2% Transfer Tax-is that based on the original appraised value of the property -or the market price at the time of transfer?

As far as I know the Transfer Tax (2%) is payable whenever the property Title Deed is transferred at the Land Office. Individual Withholding Tax (Income Tax) and Specific Business Tax is not collected on inherited property.

Thanks for your response.

The 2% Transfer Tax-is that based on the original appraised value of the property -or the market price at the time of transfer?

Government appraised value or declared sale price, whichever is greater. Most people do not declare the actual sale price. Unless you need a tax receipt for the actual sale price, there is no point in telling everybody what the property sold for..

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