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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

We protect your documents and personal data by following strict security and privacy standards.
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).