Tax calculation: 2,252 (number of taxable units representing each $100 or portion thereof of the consideration of $225,200) x $.60 = $1,351.20 tax due (no The consideration for the transfer is $225,132.75 (the amount of
The balance of the mortgage plus accrued interest at the time of the transfer is $225,132.75. 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. Tax calculation: 1,800 (number of taxable units representing each $100 or portion thereof of the consideration of $180,000) x $.70 = $1,260.00 tax due. Since there is no other consideration for the transfer, the tax is calculated on $180,000 (the $30,000 paid and the $150,000 Linda gives Susan $30,000 as a down payment and Susan takes back a note and mortgage from Linda purchases property located in Escambia County from Susan. See Rule 12B-4.014, Florida Administrative Code, forĪdditional documents exempt from tax. Note: There is no specific exemption for documents that transfer Florida real property for estate planning purposes.
The only consideration for the transfer is the amount of a mortgage or other lien encumbering the homestead property.The real property being transferred is homestead property, and.Marriage deeds - No tax is due on a deed between spouses when: A document that transfers real property from an agent to the principal, when the agent purchased the property for the principal with the principal's funds.Was the property interest transferred in lieu of a debt payment or did the grantee forgive a debt because of the property interest received?.Will the grantee, or someone acting on behalf of the grantee, give anything of value for the property interest transferred?.Will the grantor or someone designated by the grantor receive anything of value for the property interest transferred?.Was the property encumbered by a mortgage or other lien at the time of the transfer?.Was there an exchange of real or personal property for the property interest transferred?.Is money to be paid for the property interest transferred?.Was money paid for the property interest transferred?.
Reference: Section 201.02(1)(a), Florida Statutes Questions that May Help Determine Consideration Transferred in lieu of foreclosure, the discharged indebtedness is consideration for the transfer.
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.