QUESTION
What are the tax, resale, cost basis etc ramifications of transferring a Fl home to our son, who lives there with his family and pays all expenses?
Asked on Jan 26th, 2021 on Real Estate - Florida
More details to this question:
He and his wife can't take advantage of ad valorem homestead to pay reduced property taxes because of the ownership. We have our own home in the same town, and we have the above advantage. We do understand there will be fees with this, and a possible calling in of the mortgage which he and wife pay. They are 10 years into a 15 year mortgage.
1 ANSWER
Ancillary Probate Attorney serving Miami, FL
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Stephen R. Garcia-Vidal, P.L.L.C.
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You can avoid probate if something happens to you and he will benefit from the homestead tax exemption. Further, there are documentary stamp taxes that you have to pay based on the value of the mortgage. I would not worry about the calling of the mortgage.
Call me to discuss, 305-283-4785. Thanks.
Answered on Feb 01st, 2021 at 1:42 PM