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.
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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. There is no mortgage on the property at the time of transfer, and there is no other consideration. There is no mortgage and no other consideration for the transfer. There is no exemption from the surtax since the deed did not transfer a single-family residence. Promissory notes and other written obligations to pay money signed or delivered in Florida are subject to documentary stamp tax.
Mortgages, liens, security agreements, and other evidences of indebtedness are subject to tax and payable when filed and recorded in Florida. The tax is based on the full amount of the indebtedness secured by the mortgage or lien regardless of whether the indebtedness is contingent or absolute. There is no cap on the amount of tax due. All parties to the document are liable for the tax regardless of who agrees to pay the tax. If one party is exempt, the tax must be paid by a non-exempt party.
However, a notation must be placed on the UCC-1 indicating whether or not tax was properly paid on any obligation that caused the need for the UCC Legal Forms offers consumers and small business owners an easy way to find and create a low-cost residential lease, last will, and testament, file for divorce, form a corporation or LLC, and more.
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