Whether you're borrowing money or providing a loan to someone else, a Promissory Note is usually the best way to establish a record of the transaction and make sure that repayment terms, for example, are clear and fair.
However, an “IOU†is generally regarded as only an acknowledgment of a debt, not a promise to pay the debt. However, this form is a written promise to pay a debt.
The Illinois generation skipping tax applies to bequests in which the transferer is at least two generations removed from the transferee (in most cases, the donor's grandchildren). However, because the Illinois estate tax only applies after the first $2 million in transfers, it does not affect most families.
Generally Responsible: In most Illinois transactions, the sellers normally pays for transfer tax, as they are the ones transferring ownership of the home.
The following transactions are exempt from the transfer tax under 35 ILCS 200/31-45. (a) Deeds representing real estate transfers made before January 1, 1968, but recorded after that date and trust documents executed before January 1, 1986, but recorded after that date.
MyDec allows you to electronically submit: State of Illinois Forms PTAX 203, 203-A, and 203-B. City of Chicago Form 7551 - Real Property Transfer Tax Declaration. Real Property Transfer Tax Declarations for participating counties. For a complete list continue to MyDec at MyTax Illinois.
A judicial sale which results in the property going back to the foreclosing bank is exempt from transfer taxes under the Real Estate Transfer Tax Law. 35 ILCS 200/31-45(1) (2017).
