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How to excise chart deed

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in this video were going to discuss the concept of excise taxes so an excise tax is just a tax thats been imposed on specific goods and services and this key word here is specific so its not a broad general tax on goods and services like a sales tax so when we think about the types of specific goods and services that are typically subject to to an excise tax we think about things like fuel gasoline things like like alcohol beer cigarettes air travel phone service so these are the types of things you typically have an excise tax on so even though its not as broad as you know for example a sales tax this is still very important text because the excise tax can actually be quite high on some of these things right so it might be for example for a package of cigarettes maybe theres a federal excise tax of $1.00 per pack so when we think of and I should probably mention here that when we talk about whether the excise tax is being imposed its imposed that could be a federal excise tax or

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Is excise tax the same as GST?

Introduced in 1991, the Goods and Services Tax (GST) is governed by Part IX of Canadas Excise Tax Act (ETA). The GST is a value-added tax system in that it is imposed on the price of most goods and services at each stage from the supply of raw material, production, distribution to the sale to the consumer.

What is the excise tax rate for deeds in Massachusetts?

when the consideration of the interest or property conveyed, exclusive of the value of any lien or encumbrance remaining thereon at the time of sale. The effective tax rate is $2.28 for each $500 or fraction thereof of taxable value. There is no excise tax due where the consideration stated is less than $100.00.

Who pays state deed tax in Massachusetts?

The excise is based upon the consideration given for the property and applies whenever the consideration, exclusive of any lien or encumbrance remaining on the property, is greater than $100. The tax is paid by the person making or signing the deed and is evidenced by an affixed stamp.

What are the disadvantages of a TOD deed?

For more complex scenarios, there are many disadvantages of transfer-on-death deeds. TOD Deeds Are Not Effective for Multiple Beneficiaries or Contingent Beneficiaries. TOD Deeds Are Not Effective for Multi-Generational Inheritances. TOD Deeds May Be Voided Based on Legal Description.

What is an excise tax in Massachusetts?

The excise rate is $25 per $1,000 of your vehicles value. It is charged for a full calendar year and billed by the community where the vehicle is usually garaged. If your vehicle is registered in Massachusetts but garaged outside of Massachusetts, the Commissioner of Revenue will bill the excise.

What is the recordation tax for transfer upon death in Washington State?

In 2014, the Washington State Legislature enacted the Uniform Real Property Transfer on Death Act (RCW 64.80). Recording requires you to pay $214.50 per recorded deed (plus postage for delivery and return to you) and wait months for the original (you cant print out a copy) to be recorded by mail.

What is excise tax in Canada?

An excise duty is also an inland tax in the territory. Excise duties are imposed in Canada on spirits, wine, beer, and tobacco products. The Government Canada imposes excise duty on alcohol and spirits (including wine and beer) under the Excise Act and the Excise Act 2001.

What is excise tax in Massachusetts real estate?

The basic transfer tax rate in Massachusetts is $2.28 per $500 of property value. However, some counties charge additional transfer taxes. For example, in Barnstable County the combined state and county excise rate is $2.85 per $500.

Does Washington State recognize a transfer on death deed?

Transfer-on-Death Deeds in Washington State A TOD deed, also called a beneficiary deed, is a legal method of property transfer first enacted by Washington State legislature on June 12, 2014.

Is real estate transfer tax exempt in Washington State?

Transfers of real property to certain qualifying entities will no longer be subject to real estate excise tax in Washington State, effective on January 1, 2023. The Washington State Legislature passed Engrossed House Bill 1643 (to be codified at RCW 82.45.

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