Category: Real Estate Taxes

A 1031 exchange is a real estate investment tool that allows investors to swap one property for another and defer capital gains tax from a sale of real estate. A 1031 exchange is a great tool to defer paying taxes, but it cannot be used for every real estate transaction. Only property that is used…

A 1031 exchange is a real estate investment tool that allows investors to defer capital gains tax from the sale of real estate. The reason I mention “investors” is because the property must be for investment purposes. The property cannot be your primary residence. The investor sells his or her investment property, the proceeds from…

Your property tax bill will always have ad valorem tax assessments, but sometimes, your tax bill will also include non-ad valorem tax assessments. What exactly are ad valorem and non-ad valorem taxes? Ad valorem property tax is a tax based on the assessed value of a property. It is your standard property tax. Ad valorem…

First of all, I am not an accountant and I strongly recommend speaking with your accountant about tax implications before making a gift of real estate. Most Americans will not need to pay a gift tax when gifting real estate. However, you will probably need to file an IRS Form 709 and a tax may…

Taxes in the form of capital gains are due when you sell your home and you make a profit. As an example, if bought your home for $100,000 and sell it for $150,000, then you realized a $50,000 capital gain, which is taxable profit. You can reduce your taxable profit with deductions, and there is…

Documentary stamp tax is a tax levied by the State of Florida on transfers of real estate. There are very few exceptions to the tax. The documentary stamp tax amount, in every Florida county, except Miami-Dade County, is $0.70 per $100 of the amount paid or the amount of the mortgage at the time of…