Posted in Real Estate Law,Tax Law & IRS Defense

The Mortgage Forgiveness Debt Relief Act (“MFDRA”) prevents homeowners who went through a short sale, foreclosure sale, a principal reduction, or otherwise received a waiver of a mortgage debt regarding their primary residence from being taxed on the amount of mortgage debt cancelled or forgiven.  Many homeowners have used the MFDRA in prior years to prevent large tax liabilities.
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Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Tax Law & IRS Defense,Wills, Trusts & Estate Planning

What is basis and why does it matter? A basis is a monetary amount assigned to property for tax purposes. This value is very significant because the basis is used when calculating gains or losses on the sale of property. If you inherit property from a family member, friend or any generous benefactor, there will be a basis assigned to that property.
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Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Tax Law & IRS Defense,Wills, Trusts & Estate Planning

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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Posted in Asset Protection,Real Estate Law

Previously, the federal Protecting Tenants at Foreclosure Act of 2009 (“PTAF”) provided some protection to Florida tenants leasing property in foreclosure. Subject to certain exceptions, the PTAF mandated that purchasers at a foreclosure sale take title to the property subject to the rights of a bona fide tenant. It also required the purchaser comply with certain notice requirements prior to terminating a lease. Unfortunately, the PTAF expired on December 31, 2014, potentially leaving Florida tenants unprotected. Thus, Florida legislatures enacted Section 83.561 of the Florida Statutes to help fill the void left by the expiration of the PTAF.
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Posted in Asset Protection,Real Estate Law,Tax Law & IRS Defense

The Firm is republishing a September 2014 blog post regarding the ability of Florida property owners to contest or appeal the assessed value of their property.  The republished blog, below, includes updated information for 2015.
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Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Wills, Trusts & Estate Planning

Joint Tenancy with Right of Survivorship (JTWROS) is a form of joint property ownership available to two or more people and characterized by the right of survivorship. Upon one tenant’s death, the share of the property passes to the surviving co-tenants. There are five requirements for creation of a JTWROS: the right of survivorship and the four unities of possession, interest, title, and time.
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Posted in Asset Protection,Real Estate Law,Wills, Trusts & Estate Planning

A recent study conducted by Experian anticipates about $265 billion in home equity lines of credit (HELOCs) will begin entering a repayment period, affecting millions of consumers. HELOC originations, which continued to increase from 2005 until the start of the housing crisis, are generally divided into two periods. For the first ten years, a HELOC remains in the draw period, which allows consumers to use the line of credit while making minimum, interest-only payments. After ten years, many HELOCs enter the repayment period. This may cause a hike in monthly payments, sometimes as much as triple or quadruple the monthly payment amount during the initial draw period. Debt-relief consultants anticipate defaults to skyrocket as these HELOCs enter the repayment period.
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Posted in Business & Corporate Law,Real Estate Law

Recent legal developments have once again drawn attention to an area that has experienced heated debate and spurred litigation: vacation rentals.  “Vacation rentals” are defined by statute as “any unit or group of units in a condominium or cooperative or any individually or collectively owned single-family, two-family, three-family, or four-family house or dwelling unit that is also a transient public lodging establishment but that is not a timeshare project.” 
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