REV-1728 - Realty Transfer Tax Declaration of Acquisition

What Is A Form REV 1728

In the realm of real estate transactions, form REV 1728, also known as the Realty Transfer Tax Declaration of Acquisition, stands as a crucial document for both buyers and sellers. This essential form is utilized to report and compute the real estate transfer tax that is due when property ownership changes hands. As an official state document, it aids in the proper reporting of pertinent transaction data and ensures that the transfer tax is accurately assessed and collected.

When to Use Form REV 1728

Form REV 1728 finds its purpose in a variety of situations that involve the transfer of realty. Here are the primary instances when this form becomes relevant:

• Whenever real estate is bought or sold, the parties involved must complete form REV 1728 to declare the transaction terms.
• If the property's ownership is being transferred as a gift, an inheritance, or through any means other than a sale, this form is still required.
• Should there be any alterations in the structure of property ownership, such as adding or removing an owner, form REV 1728 becomes necessary.
• Even in cases where a transfer may be exempt from taxes, it's vital to submit form REV 1728 to record the exemption officially.

How To Fill Out Form REV 1728

Filling out Form REV 1728 is a step-by-step process that ensures proper documentation of a realty transfer. Follow the guide below:

Identification Information: 

Start by entering the personal information of both the grantor(seller) and grantee(buyer) as requested.

Property Details: 

Provide a complete description of the property being transferred, including its address, identification numbers, and any other unique characteristics.

Transaction Specifics:

Detail the transaction specifics, such as sale price, date of transfer, and payment terms.

Calculations: 

Accurately calculate the transfer tax due, considering any applicable rates and exemptions that may apply to your situation. Instructions are usually provided to guide you through this process.

Exemptions: 

Declare any applicable exemptions that may reduce or nullify the transfer tax.

Signatures: 

Ensure that all parties involved sign the form to attest to the accuracy of the information provided.

When to File Form REV 1728

The timing of filing form REV 1728 typically aligns with the conclusion of the transaction. The completed form and any due transfer taxes must be filed promptly as specified by local jurisdiction rules. Failing to do so can result in penalties and interest. It's advisable to refer to local regulations or consult a tax advisor for the specific deadlines applicable to your transfer.