Idaho has which type of transfer tax?
Question & Answer
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State transfer tax
Idaho does not have a state transfer tax system. The state legislature has consistently rejected proposals for such a tax. Real estate transactions in Idaho are not subject to any state-level transfer tax, making this option incorrect.
No state real estate transfer tax
1% state tax
There is no 1% state tax on real estate transfers in Idaho. Idaho does not impose any percentage-based transfer tax on real estate transactions at the state level. The state has no such tax law in effect.
Federal transfer tax
The federal government does not impose a transfer tax on real estate transactions. Transfer taxes are state or local matters, not federal. The IRS does not collect taxes on real estate transfers, so this option is factually incorrect.
Why is this correct?
Idaho has no state real estate transfer tax, making option B correct. This is a specific state policy that affects closing costs and transaction procedures in Idaho real estate transactions.
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