Using a gift deed, you can transfer your home to a new owner.
The transfer of a gift deed occurs among friends and relatives, or between
donors and charities. The giver of the gift deed, formally known as a grantor
or donor, conveys the home to the recipient or donee while
the donor is alive.
The special hallmark of the gift deed is its transfer of real property between people with no consideration. Only use it if no money and nothing of value is given for the home. (Careful, though: to the IRS, a house sold for a dollar is still a gift.)
Here, we shine a spotlight on the gift deed from some
- We’ll zoom in on two places where many of our
clients and readers love to give: Arizona and Florida.
- We’ll discuss the tax implications of your gift
- We’ll outline the alternative ways you can give
your home away or transfer its inherent value to your loved ones.
So, if you’re feeling generous, read on!
Continue reading “House Gift: Transferring Your Arizona or Florida Home Through a Gift Deed”
The information presented in this article is not all-encompassing, nor is it meant to be construed as professional legal advice. Because homestead exemption laws are complicated, consult a qualified attorney with questions regarding homestead exemptions and living trusts in your state.
Via Black’s Law Dictionary, 8th ed., a homestead is “[t]he house, outbuildings, and adjoining land owned and occupied by a person or family as a residence. As long as the homestead does not exceed in area or value the limits fixed by law, in most states it is exempt from forced sale for collection of a debt.” A homestead can only be designated in one jurisdiction, generally where the owner maintains permanent residence.
Continue reading “Homestead Exemptions and Living Trusts: a Look at California, Florida, and Texas”
Which Documents in Florida Require Documentary Stamp Tax?
Documentary stamp tax is levied on real estate documents as provided under Chapter 201, Florida Statutes (F.S.). Documents subject to the tax include:
Continue reading “Florida Documentary Stamp Tax Information Related to Real Estate Deeds”