Sep 042012
 
What Qualifies As “Compensation” For The Purposes Of Florida’s Documentary Stamp Tax In Real Estate Transactions?

Section 201.02 of the Florida Statutes imposes an excise tax at the rate of $.70 per $100 (or portion thereof) on documents that transfer an interest in real property, such as warranty deeds, quit-claim deeds, easements, and deeds in lieu of foreclosure.  The tax is reduced for transfers in Miami-Dade County, where the rate is $.60 per $100 (or portion thereof), when the property is a single-family residence.  This documentary stamp tax is calculated based on the amount of “consideration” that passes between the buyer and the seller. So what qualifies as “consideration” for these purposes?  According to the above-referenced More…

Sep 142011
 
Florida Documentary Stamp Tax And Transfers To LLCs

In Florida, documentary stamp tax is generally levied at the rate of $.70 per $100 (or portion thereof) on documents that transfer an interest in real property, such as warranty deeds, quit-claim deeds, easements, and deeds in lieu of foreclosure.  An exception is Miami-Dade County, where the rate is $.60 per $100 (or portion thereof) when the property is a single-family residence.  The tax is calculated based on the amount of consideration that passes between the buyer and the seller, which may include the amount of a mortgage on the property. In an effort to avoid paying these taxes, individuals More…