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A house sold for $109,000 with the buyer making a 20% down payment. The grantors tax is based on the:

Sagot :

Tundexi

In this sales case, the grantors tax will be based on the selling price.

What is a grantors tax?

This refers to tax that is applied on the transfer on ownership such as on sales of property, house etc.

Here, the the grantors tax will be based on the selling price even though it is customary for the seller to pay the grantors tax.

Therefore, the selling price is correct.

Read more about tax

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