Real estate

Asked about 1 year ago - Miami, FL

I bought a house a year ago, it is paid off. If I would like to gift it to my son will he need to pay tax on it every year? Or how does it work when I'm gifting a house? What taxes we will need to pay after it? Thanks for the answer.

Attorney answers (3)

  1. Rex Edward Russo

    Pro

    Contributor Level 13

    1

    Lawyer agrees

    Answered . Property taxes are due every year by the entity that owns property in Florida. As for taxes on the transfer itself, that depends on the value of the property, and how it states value in the deed of transfer. Since the house is paid off, the county tax assessor will not impute a tax based on the outstanding mortgage, so it should just be a minimum stamp tax. Most such deeds say "for $10.00 and other good and valuable consideration" or "$10.00 and love and affection." In which case the minimum transfer tax is paid.

    The law is complicated and although the facts expressed may seem to be all that is relevant, there may be many... more
  2. Marshall C Deason Jr.

    Pro

    Contributor Level 20

    Answered . In addition to the taxes that Attorney Russo mentioned you may have to pay federal gift tax on you gift to your son. You should consult your CPA or a tax lawyer before you make this transfer.

    Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does... more
  3. Andrew Jarrett Sky

    Contributor Level 9

    Answered . Property taxes are due each year. There may be additional ways to transfer the property with more favorable tax consequences. Since this is a sizable transaction, you should first consult with a Trusts & Estates attorney, to explore your options and determine the best way to do this.

    This information is for educational purposes only and is not to be relied upon as legal advice, legal opinion or... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

27,208 answers this week

2,854 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

27,208 answers this week

2,854 attorneys answering