Sales Tax On CFD?

I'm looking to buy my first house on a contract for deed and I was wondering how my 6% PA sales tax would be paid.
Do I pay sales tax on the principle payed each year? I'm going to talk to a CPA but was wondering If I could get some info in advance THANKS

Comments(4)

  • bnorton14th August, 2004

    Normally, the taxes are paid when the deed is recorded, not when the deal is complete. I am not sure about PA, but most jurisdictions I know charge a transfer tax, not sales tax, but your CPA will be able to give you specific information. Also, you may want to talk to your title company.

  • commercialking14th August, 2004

    I am unaware of any state which imposes sales taxes on real estate transactions.

  • InActive_Account14th August, 2004

    Thanks for the info. For some reason I was think sales tax would be a problem. Just a newbie.

  • bnorton14th August, 2004

    No problem kid. We were all newbies once.

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