An Ohio property owner transfers a property to an irrevocable trust for the benefit of her minor children. She retains no beneficial interest. Is the conveyance fee applicable?
Correct Answer
D) Yes, because only revocable trusts qualify for the exemption; irrevocable trust transfers may be subject to the fee if consideration is deemed present
Ohio's conveyance fee exemption for trust transfers generally applies to revocable living trusts where the grantor retains beneficial ownership. Transfers to irrevocable trusts, where the grantor relinquishes beneficial ownership, may be treated differently. The County Auditor evaluates whether the transfer constitutes a change in beneficial ownership, and if so, the fee may apply.
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A developer in Ohio subdivides a large parcel into 20 lots and sells each lot individually. Regarding the conveyance fee for these lot sales:
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A buyer and seller in Portage County, Ohio (which charges the county permissive fee) are closing on a $275,000 home. The seller asks the closing agent if the conveyance fee is tax-deductible. The agent correctly states: