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The following taxes were paid at the closing of a new home: $1,540 state documentary stamp tax on the deed, $693 state documentary stamp tax on the note, and $396 state intangible tax on the mortgage. What was the purchase price of the home

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abiolataiwo2015

If the state documentary stamp tax on the deed is $1540. The purchase price of the home is $220,000.

Purchase price

First step is to find the tax increment value

Value=Documentary stamps on deed ÷ Rate

Value=$1,540  ÷ $.70

Value = 22,000

Second step is find the purchase price

Purchase price= 22,000 × $100

Purcahse price = $220,000

Inconlcusion the purchase price of the home is $220,000.

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