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August, 2014

Florida’s Documentary Stamp Tax

August 26th, 2014

Posted in IRS & Tax Information,Real Estate Law

The Florida Department of Revenue is authorized to levy a documentary stamp tax on deeds, bonds, promissory notes, written obligations to pay money, mortgages, liens, and other evidences of indebtedness.  Florida law authorizes different taxation rates depending on the type of transaction.  The documentary stamp tax is typically $0.70 per every $100.00 of consideration for instruments conveying an interest in real property including, but not limited to, deeds, easements, and contracts or agreements for deed.[1]  Alternatively, the documentary stamp tax for bonds, mortgages, liens, promissory notes, and other written obligations to pay money is generally $0.35 per every $100.00 of consideration.[2]  The documentary stamp tax for promissory notes or other written obligations to pay money typically may not exceed $2,450.[3]
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Clearing Jointly Owned Real Property Title on the Death of a Spouse

August 11th, 2014

Posted in Asset Protection,Estate & Personal Planning,Real Estate Law

Many married couples jointly own their home or other Florida real property.  It is easy to overlook the legal transfer of such jointly held property when faced with the death of a husband or wife.  However, clearing title to real estate following the death of a loved one is an important consideration and should be promptly addressed by the surviving family and a licensed Florida attorney where possible.
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Who May Be Considered a Dependent for Federal Income Tax Purposes?

August 6th, 2014

Posted in Asset Protection,Business Law,IRS & Tax Information

Whether filling out your new hire paperwork or preparing your tax returns, the IRS has guidelines for who may be claimed as a dependent for income tax purposes.

There are typically two types of dependents for federal income tax purposes:

  1. A qualifying child; and
  2. A qualifying relative.
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