QUESTION
In Florida, what if, any tax concequences may apply, when someone with a Life Estate vacates the residence.?
Asked on Dec 13th, 2012 on Estate Planning - Florida
More details to this question:
Person currently receives Homested Exp. Senior Citizen Discount and "Save Our Homes" Property would not be rented, but left vacant to move in with other family member at their home residence.
1 ANSWER
4 Awards
A person's "homestead" is where they permanently reside. Typically, it is the responsibility of the life tenant to pay the taxes. You should consult with an elder law attorney in your area. He or she can review the deed, and the specific facts and assist you with the matter.
Answered on Dec 19th, 2012 at 1:26 PM