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Estate tax by installment

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1 Estate tax by installment on Tue Jun 07, 2016 12:19 pm

mamabee


Arresto Menor
I am selling my late father's agricultural land. We are making an extrajudicial settlement. According to my research on BIR regulations, we can pay the estate tax by installment and a clearance shall be released only with respect to the property, the corresponding/computed tax on which has been paid. Does this mean that if I pay the corresponding estate tax only on this property I am selling (excluding my father's other properties) and all other taxes/dues pertaining to the sale of this property, the title can already be transferred to the buyer without any problem?



Last edited by mamabee on Tue Jun 07, 2016 12:25 pm; edited 3 times in total (Reason for editing : missed some words)

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2 Re: Estate tax by installment on Tue Jun 07, 2016 2:39 pm

kabbalplus


Arresto Mayor
Mas maganda kung buyer nalang muna hanapin mo, tutal ebebenta mo na naman ang lupa mo, sabihin mo na mag downpayment sya para makapagbayad ka ng estate tax.

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3 Re: Estate tax by installment on Tue Jun 07, 2016 3:27 pm

Lunkan


Reclusion Perpetua
I don't know if you have to pay taxes for the other properties too NOW, if they notice,
but you will need to pay all taxes sometimes anyway and more delays mean MORE PUNISHMENT FEES...
Sure taxes have to be paid when selling or when transfer title to hiers.
And it's a RISK if not paying, because barangays have right to TAKE properties with much unpaid taxes (although they do seldom) although at least a decent barangay give warning first, giving the owner some time to solve paying the tax depts.

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4 Re: Estate tax by installment on Wed Jun 15, 2016 10:42 am

mamabee


Arresto Menor
Pero pwede na bang i-transfer ang title sa buyer kapag bayad na ang estate tax for that particular property being sold kahit hindi pa bayad ang estate tax ng ibang property ng tatay ko? Kulang pa kasi ang pera namin para bayaran ang estate tax ng lahat ng property ng tatay ko.

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5 Re: Estate tax by installment on Wed Jun 15, 2016 5:00 pm

Lunkan


Reclusion Perpetua
mamabee wrote:Pero pwede na bang i-transfer ang title sa buyer kapag bayad na ang estate tax for that particular property being sold kahit hindi pa bayad ang estate tax ng ibang property ng tatay ko? Kulang pa kasi ang pera namin para bayaran ang estate tax ng lahat ng property ng tatay ko.  
I suppouse it depend of the handler, if he notice - and bother - there are more properties with unpaid taxes.

Don't you get enough money from the first sale to pay all taxes?
To get the title released and transfered it's enough to pay depts and taxes in connection to the title transfer. It can be a condition in the sales deal, the buyer pay (X amount) to taxes and the rest to the seller. A buyer with knowledge will want to be sure the property is dept free anyway, so it's rather common property sale deals are made where the buyer pay taxes which belonged to the seller.

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