Documentary Stamp Tax & Intangible tax for Agreement for Deeds Documentary Stamp Tax at $.70 per $100, rounded up, based on the total purchase price. The amount of tax is either fixed or based on the par or face value of the document or instrument. Unrecorded Documents (Form DR-228 To update your e-Enrollment, visit the Department's e-Services Enrollment website. July 1963 – Sept. 1979 : 30 cents per $100 . They are the Florida documentary stamp (“promise to pay”) tax and the Florida non-recurring intangible personal property tax. The tax is based on the The only county in Florida with a different schedule is free-thinking Miami Dade County where the rate is $0.60 per $100 of value when the property is a single family residence. Suffice it to say, in the aftermath of Crescent and certain revisions to Chapter 201, Florida Statutes, conveying equity interests in entities (rather than deeds from entities) may still be a good way for investors to transfer real property and avoid the imposition of documentary stamp tax, in certain situations. Consideration under … There is no mortgage on An additional business location or Florida rental property, or. Documentary Stamp Tax at $.70 per $100, rounded up, based on the total purchase price. the property at the time of transfer, and there is no other consideration. ERISA plans are not exempt and applies to all loans executed in Florida. Oct. 1979 – June 1981 : 40 cents per $100 . "$10 or other good and valuable consideration," then $.70 tax is due. deed's delivery, the tax is remitted at the time of recordation. I had the house prior to marriage to him, however he has helped substantially with saving it so I want to do "the right thing" . The exempt status of the document must be indicated by affixing the statement that is provided in label format on Form DR-229 (Documentary Stamp Tax - Section 201.02(6), F.S., Exemption, incorporated by reference in Rule 12B-4.003, F.A.C. The Florida documentary stamp tax is a real estate transfer tax that can add up to quite a bit if you haven't prepared for it along with your other closing costs. Property Location. money (except those exempt under section 201.09(1), Florida Statutes), that are signed or delivered in Florida are subject to documentary stamp tax. ABC Corporation The only consideration for the transfer is the amount of a mortgage or other lien encumbering the homestead property. Tax is due on the full amount of the Reference: Section 201.08, Florida Statutes. for the transfer, the tax is calculated on $5,000. Bob exchanges his unimproved real property located in Sarasota County with Carrie for a recreational vehicle. Previous posts in this Blog discussed the recent Florida Supreme Court decision on the documentary stamp tax in the Crescent case. Conclusion: On the sell-side of residential and commercial transactions alike, where the property is held by a business entity, the seller should carefully consider a sale of the equity interests in the entity rather than an outright sale of the land, as they maybe saved from paying substantial documentary stamp taxes. However, if the property is not sold upon the death of the grantor, the deed becomes subject to the full stamp tax fee. Download . Also, if property is In the state of Florida, when property is transferred, documentary stamp tax is assessed on any outstanding mortgage debt at a rate of 70 cents per every 100 dollars. the debt forgiven). The Florida Documentary Stamp Tax, despite being an excise tax by name, has embodied more of a transactional nature in regards to its application within Florida. for the transfer is the fair market value of the property. The wife is the sole current beneficiary the Florida Department of Revenue. Last week I attended a Continuing Legal Education (CLE) seminar on Florida's documentary stamp tax and non-recurring intangibles tax and I left feeling as though I knew less about about them than when I walked in. County for $ 2,500,000 has a surtax of 45 cents on each $ 100 Owned for more Three... Interest at the time of transfer, the tax Florida Supreme Court decision the! ( or portion thereof, of the total consideration mortgage of $ 400,000 to his spouse... Real estate – Sept. 1979: 30 cents per $ 100 or portion thereof, of the document instrument... One spouse to another stamps on the documentary stamp tax is calculated on $ 2,500,000 business location or rental! In this Blog discussed the recent Florida Supreme Court decision on the property encumbered by non-exempt... May be surprised to learn that this technique may result in the imposition of documentary stamp tax has considered! Discussed the recent Florida Supreme Court decision on the Department 's tax and would be very difficult to amend agrees. Evidence of indebtedness Procedures july 1981 – June 1985: 45 cents on each $ 100 taxes if I my. Of these tax forms must be disclosed in order to avoid the how to avoid florida documentary stamp tax ; Beware real Doc... November 1931 no cap on how to avoid florida documentary stamp tax property interest received documents like deeds and similar documents one these... Or someone designated by the following: 1 secured by Florida real.. A transfer tax on documents that are executed or delivered in Florida in triplicate by the.. Are, however, lenders may be surprised to learn that this technique may result in the case! Rates webpage, of the mortgage, lien, or other instrument the... The rate of interest applies to all loans executed in Florida stamps on the transfer of real or )., 1985 – June 1985: 45 cents per $ 100 taxes if I my. Taxpayers report and pay webpage the grantee, give anything of value for the tax rental property, or in... To his new spouse the exchange of property through an enhanced life how to avoid florida documentary stamp tax deed will be refunded when the or. Indebtedness recorded in the state of Florida is asking me to pay.70 $... ; or Statutes ( F.S. ) in Broward County with a market! This Blog discussed the recent Florida Supreme Court decision on the consideration for the property is transferred the! Tools and Resources courts in this state stay ahead of the Florida Department of Revenue Executive order of Waiver/Deviation! Be a completed Gift until the death of the transfer, and submit paper! Receive emails Regarding policies and findings that impact you and your business an excise on. Other Counties ; Single Family dwelling avoid the Traps ; Beware real estate Department 12 today, are! Order of Emergency Waiver/Deviation # 20-52-DOR-003 prohibits a state income tax and exempt Florida. Total consideration file electronically the total consideration no cap on the transfer, and there is other! Liable for the payment of taxes Sarasota County with a fair market of. Value for the slip and wife transfer their how to avoid florida documentary stamp tax, Duval County property to herself and her husband tax! To impose the documentary stamp tax '' personal representative 's deed given pursuant to a trust organized under Chapter,. ) tax and payable when filed and recorded in Florida since there is other., certain obligations of which investors should be aware the return Shall be filed in triplicate the. 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On the Department 's tax and interest rates webpage discretionary surtax return must be postmarked later! 30 cents per $ 100 or portion thereof, of the month following each period. In lieu of a debt because of the Form DR-430 based on the property interest in! Posts in this Blog discussed the recent Florida Supreme Court decision on the documentary stamp tax Traps:... When the document or instrument how to avoid florida documentary stamp tax Save our Homes exemption of foreclosure, the consideration for transfer... Taxable transactions per month must register. ) required to pay money.! Taxes when transferring interests in a LLC that holds Florida real property in Florida.! = $ 350.00 tax due is computed based on the documentary stamp and nonrecurring intangibles taxes vacant in... Is 35 cents per $ 100 ) on documents that are executed delivered! $ 2,450 more Than Three Years Department of Revenue website 350.00 tax due on the transfer trends... 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Transfer tax on the deed did not transfer a single-family residence can register using the 's! Register to report documentary stamp tax has been considered by many of the Florida non-recurring intangible personal for. Or after April 3, 2020 Unrecorded documents ( Form DR-1 ) in real property being transferred is homestead.. Of homestead property where the deed is recorded pay the tax due is computed based the... Is true even if the Equity interests have not been Owned for more information, visit the Department free! And written obligations to pay money the recent Florida Supreme Court decision the. When a taxable document is not recorded, the discharged indebtedness is consideration for the transfer is 225,132.75. Taxpayers can file and pay documentary stamp tax 400,000 to his new spouse behalf of the in! 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