January, 2016

Associations May Adopt Reasonable Rules Regarding Record Inspections & Need Not Deliver Records to Members

January 22nd, 2016

Posted in Condominium & Homeowner Association Law,General Practice

Section 718.111(12)(c) of the Florida Statutes grants condominium association members a general right to inspect and copy official records of the association not expressly excluded by the statute. An association’s failure to provide records within ten days of a written request creates a rebuttable presumption that the association willfully failed to comply with section 718.111(12)(c). Under the statute, a member who is “denied access” to association records may recover damages for the association’s willful failure to comply. Fla. Stat. § 718.111(12)(c). Further, a “failure to permit inspection” entitles the person prevailing in an enforcement action to recover attorney’s fees “from the person in control of the records who, directly or indirectly, knowingly denied access to the records.” Id.
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Tax Basis on Inheriting Property

January 11th, 2016

Posted in Estate & Personal Planning,IRS & Tax Information,Real Estate Law

While the tax basis of a property is important in determining estate tax for higher net worth individuals, it is also a significant consideration for individuals of any net worth in determining the income tax (gain or loss) beneficiaries will ultimately pay when the property is transferred. The basis of property inherited from a decedent is generally the Fair Market Value (FMV) of the property at the date of the individual’s death. Thus, a real estate or personal property appraisal may be advisable to consider.
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