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What TCA code do I need for a warranty deed exemption in Tennessee?

What TCA code do I need for a warranty deed exemption in Tennessee?

Full question:

I have purchased a WD off of your website that I am using to transfer a property out of my name to a trust that is mine. I am using a warranty deed because I understand that it provides much more protection that just a general quit claim deed. The register of deeds office in Shelby County Tennessee is telling me that I need a TCA code put on the WD saying why the transfer is exempt other than just putting $10 like I did. Do you have the TCA code available that I would use for this?

Category: Real Property
Subcategory: Deeds
Date: 04/07/2025
State: Tennessee

Answer:

It's unclear which taxes you are claiming exemption from, such as transfer tax or real property tax based on assessed value. Here are relevant Tennessee statutes to help you determine the appropriate TCA code: - **TCA § 67-8-702** defines terms related to transfer taxes, including who is responsible for payment and what constitutes qualified property. - **TCA § 67-8-704** discusses in-kind payments and the deferral of transfer taxes during the review process. - **TCA § 67-5-201** outlines the tax implications when real property is transferred between exempt and nonexempt persons. You may want to consult these statutes to identify the specific TCA code that applies to your situation. For further assistance, consider reaching out to a legal professional or the register of deeds office directly. Users can search for state-specific legal templates at .

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What is the warranty deed of a trust?

A warranty deed of a trust is a legal document used to transfer property into a trust. This deed guarantees that the grantor (the person transferring the property) holds clear title to the property and has the right to transfer it. It provides protection to the trust by ensuring that there are no undisclosed claims or liens against the property. This type of deed often includes specific language indicating that the property is being transferred to the trust for the benefit of the beneficiaries named in the trust document.

Are quitclaim deeds reported to the IRS?

Quitclaim deeds themselves are not typically reported to the IRS. However, if the transfer of property involves a sale or if there is a capital gain, that transaction may need to be reported on your tax return. It's important to keep records of any property transfers, including quitclaim deeds, as they may affect your tax obligations. Always consult a tax professional for specific advice related to your situation.

Does a warranty deed mean you own the property?

Yes, a warranty deed indicates that the grantor legally owns the property and has the right to transfer it to another person. It provides a guarantee that the title is clear of any encumbrances, meaning there are no outstanding claims or liens against the property. This type of deed offers more protection than a quitclaim deed, which does not guarantee clear title.

Who benefits the most from a quitclaim deed?

The primary beneficiary of a quitclaim deed is the grantee, the person receiving the property. This type of deed allows the grantee to obtain any interest the grantor has in the property, even if that interest is unclear or limited. Quitclaim deeds are often used in situations like transferring property between family members or in divorce settlements, where the grantor may not need to guarantee a clear title.

Who benefits the most from a warranty deed?

The grantee, or recipient of the property, benefits the most from a warranty deed. This type of deed provides a strong guarantee that the grantor holds clear title to the property and has the right to transfer it. It protects the grantee from future claims against the property, as the grantor promises to defend the title against any issues that may arise.

What is a warranty deed of trust?

A warranty deed of trust is a legal document that transfers property into a trust while providing a warranty of title. It ensures that the property is free from liens or claims and that the grantor has the authority to transfer it. This deed protects the trust and its beneficiaries by guaranteeing that the property is validly transferred and free from legal disputes. It combines the features of a warranty deed with the legal structure of a trust.

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