Rhode Island Property Transfer

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Commonly Asked Questions about Rhode Island Property Transfer

Do I have to pay taxes on an inheritance in RI?

While there is no inheritance tax in Rhode Island, a deceased persons estate may be subject to state and federal estate taxes. Unlike inheritance tax, estate taxes are paid by the estate of the person who died, not by the heirs and beneficiaries.

Do I pay taxes when I sell my house on Rhode Island?

When selling real estate in Rhode Island, all transactions have a real estate conveyance tax, pursuant to RIGL 44-25-1. This payment is collected at closing and a portion of these funds are remitted to the State of Rhode Island and a portion is remitted to the local city or township.

Is there a way around estate tax?

You can potentially lower the value of your estate through strategic gifting, contributions to 529s and other educational accounts, and through charitable contributions. If you havent created an estate plan yet, now may be the time.

What is the real estate transfer tax in Rhode Island?

Real Estate Transfer Tax in Rhode Island In Rhode Island, the conveyance tax is approximately $2.30 per $500 of the homes purchase price and must be paid by the seller, grantor, or assignor of the property. Essentially, the party who is transferring the deed to the new owner pays this tax.

How to avoid Rhode Island estate tax?

Use trusts: Gift assets into a trust, your spouse (and in practice, you) can access the assets during your lifetime, and any other appreciation will pass to your kids and future descendants free of estate tax with an Intentionally Defective Grantor Trust (IDGT)

How much does an estate have to be worth to go to probate in Rhode Island?

Any Rhode Island estate larger than $15,000 is subject to probate regardless of whether the deceased had a will. The probate process verifies who will control and inherit assets from the estate. If the decedent died intestate, the assets will go to the next of kin the closest surviving blood relatives.

What is the estate tax exemption for 2024 in Rhode Island?

For decedents dying on or after January 1, 2024, it will be $83,370. This new credit amount is an increase from the 2023 amount of $80,395. The Rhode Island Estate Tax threshold is similarly adjusted. For decedents dying on or after January 1, 2024, the threshold will be $1,774,583.