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It can be as simple as someone recording a document in the Official Records that fraudulently makes it appear as if that person owns your home or property. There are a few exceptions to the Documentary Stamp Tax law, including an exception for transfers to grantor trusts.
The transfer for purposes of estate planning by a natural person of an interest in a conduit entity to an irrevocable grantor trust as described in subpart E of part I of subchapter J of chapter 1 of subtitle A of the United States Internal Revenue Code is not subject to tax under this paragraph. This provision essentially piggybacks on the Internal Revenue Code grantor trust rules by treating transfers to grantor trusts as nontaxable events. But it is more restrictive than the Federal rules in that it requires the grantor trust to be irrevocable NOTE: transfers to revocable trusts may still be exempt under other provisions, as discussed below.
Since the grantor is paying the income taxes on property that belongs to others for estate tax purposes, the effect is to allow a greater shift of assets to the next generation free of estate tax.
Transfers to most other trusts such as living trusts, which are usually revocable should also be okay, but under different rules.
For example, Florida Administrative Rule 12B Revocable Trust: A deed to a trustee from a grantor who has the power to revoke the trust instrument, and a deed back to the grantor from the trustee upon revocation of the trust, are not transfers of ownership subject to the stamp tax. This means that a transfer to a living trust should not be subject to documentary stamp tax under the administrative rules.
Note: There are a number of other conveyances that are exempt from Florida documentary stamp tax. These are set forth in Florida Administrative Rule 12B Our attorney-designed deed creation software makes it easy to create a customized, ready-to-file deed in minutes.
Our user-friendly interview walks you through the process with state-specific guidance to help you create the right deed for your state and your goals. The consideration for a transfer is defined in Florida law. Consideration includes, but is not limited to:. If the property being transferred has a mortgage on it, the balance of the mortgage at the time of transfer is consideration for the transfer.
Also, if property is transferred in lieu of foreclosure, the discharged indebtedness is consideration for the transfer. Divorce deeds - No tax is due on a deed between spouses or former spouses pursuant to a dissolution of marriage when the real property is transferred following the divorce and the property was their marital home or an interest therein at the time of divorce. Taxes previously paid on a deed will be refunded when the deed was given one year before the dissolution of marriage.
When the property is not the marital home, tax is due based on the consideration, which would include any mortgages on the property. Note: There is no specific exemption for documents that transfer Florida real property for estate planning purposes. Linda purchases property located in Escambia County from Susan. In lieu of foreclosure, John transfers his home, a single family residence located in Miami-Dade County, to the bank that holds the mortgage on the property.
This is true even if the fair market value of the property is less. Bob exchanges his unimproved real property located in Sarasota County with Carrie for a recreational vehicle. Since property was exchanged for consideration other than money, it is presumed that the consideration for the transfer is the fair market value of the property.
A wife deeds her homestead Florida real property to herself and her husband. The property is encumbered by a mortgage and there is no other consideration for the property interest transferred. No tax is due. Section Homestead is defined in Section Husband and wife transfer their jointly-owned, Duval County property to a trust organized under Chapter , F. The wife is the sole current beneficiary under the trust.
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