Wisconsin Real Estate Transfer Return Form Pe 500a
The Wisconsin Real Estate Transfer Return Form Pe 500a is a document that must be completed and filed by anyone who transfers real estate in Wisconsin. The purpose of the form is to collect data on real estate transfers for taxation purposes. The form must be filed with the county Register of Deeds office and the Wisconsin Department of Revenue within 30 days of the transfer.
Who Needs to File the Form Pe 500a?
Anyone who transfers real estate in Wisconsin, including the owner of the property, must file the form Pe 500a. This includes transfers due to sale, gift, inheritance, or any other reason. The form must be filed even if there is no consideration involved in the transfer.
However, there are some exemptions to this requirement. For example, transfers between spouses or domestic partners are exempt from filing the form. Transfers to a trust are also exempt if the trust is revocable and the grantor remains the beneficiary.
What Information is Required on the Form?
The form Pe 500a requires the following information:
- The names and addresses of the transferee and transferor
- The legal description of the property being transferred
- The purchase price or fair market value of the property
- The date of the transfer
- The reason for the transfer
The form must be signed and notarized by the transferor.
How is the Tax Calculated?
The tax is calculated based on the purchase price or fair market value of the property, whichever is higher. The tax rate is $3 per $1,000 of value, or fraction thereof. For example, if the purchase price of the property is $200,000, the tax would be $600 ($3 x 200).
The tax must be paid at the time the form is filed. If the tax is not paid, the transfer will not be recorded by the Register of Deeds.
What Happens if You Don't File the Form?
If you do not file the form Pe 500a within 30 days of the transfer, you may be subject to penalties and interest. The penalty is $10 per day, up to a maximum of $500. Interest is also charged on the unpaid tax at a rate of 1% per month.
In addition, if the transfer is not recorded by the Register of Deeds, it may be difficult to prove ownership of the property in the future.
Conclusion
The Wisconsin Real Estate Transfer Return Form Pe 500a is an important document that must be completed and filed by anyone who transfers real estate in Wisconsin. Failing to file the form can result in penalties and interest, as well as difficulty proving ownership of the property in the future.