A house sold for $400,000. The mortgage on the house is $300,000. The documentary stamp tax on the deed is $0.70 per $100 or portion thereof. How much is the documentary stamp tax on the deed?

$210

$280

$2,100

$2,800

Question

A house sold for $400,000. The mortgage on the house is $300,000. The documentary stamp tax on the deed is $0.70 per $100 or portion thereof. How much is the documentary stamp tax on the deed?

 $210

 $280

 $2,100

 $2,800

anonymous · Answer

I got 2100 < @amistre64

amistre64 · Answer

not really a biology question tho ...

anonymous · Answer

0.70/100 = 0.007 * 300,000 = 2100

anonymous · Answer

or 2800

amistre64 · Answer

does the tax only apply to mortgage?  or selling amount?

anonymous · Answer

I think the selling amount

amistre64 · Answer

check your material, i think it relates to the mortgage

amistre64 · Answer

"Documentary Stamp Tax at $.70 per $100.00, rounded up, based 
on the total purchase price" .. thats sorta vague to me

amistre64 · Answer

i spose the total purchase price would be the down payment + loan .... so the selling price is apt

amistre64 · Answer

400 000
       100
--------
4000

70 * 4000
    100

7*400 = 2800

anonymous · Answer

ok thank you

amistre64 · Answer

"doc stamp on the deed" is the key phrase ... they have differing doc stamps ....

on the deed refers to total purchase price (amount paid for)