Minnesota Transfer Deed Withholding Tax
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How to fill out Minnesota Transfer On Death Deed - Individual To Individual?
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FAQ
As this Minnesota Department of Revenue website states, the deed tax rate in the state is 0.33% of the net consideration, i.e. the price that was paid for the property in question. So if you sell a house for $200,000 in Minnesota, you would pay $660 in transfer taxes.
$495 must be paid when the deed is recorded. Who is responsible for paying the tax? The mortgagor (borrower) is liable for the MRT, while the seller is liable for the deed tax.
Minnesota includes all net capital gains income in taxable income and subjects it to the same tax rates as apply to other income: 5.35, 7.05, 7.85, and 9.85 percent. Minnesota recognizes the federal exclusions on the sale of the taxpayer's home and the sale of qualified small business stock.
In Minnesota there is a tax on the transfer of property, commonly called the deed tax. Typically the tax is paid by the seller of property, although a purchase agreement can be negotiated to have the buyer pay the tax.
Minnesota Statute 287.21 provides for deed tax to be paid on deeds to be recorded. The rate is 0.0033 of the purchase price (Example: $105,250 X 0.0033 = $347.33 deed tax). The minimum deed tax amount is $1.65.