Taxation – Interspousal Transfer of Homestead Property
By: Barry L. Miller, Esq. Offices Orlando
Effective July 1, 2019
Last year, Florida’s documentary stamp tax was eliminated from interspousal conveyances of homestead property when the conveyance occurred and was recorded within 1 year from the date of the marriage. This year, the legislature amended the statute further to eliminate the one year requirement. The updated language reads as follows:
Fl. Stat. § 201.02 Tax on deeds and other instruments relating to real property or interests in real property.
(7) Taxes imposed by this section do not apply to:
(b) A deed or other instrument that transfers or conveys homestead property or any interest in homestead property between spouses, if the only consideration for the transfer or conveyance is the amount of a mortgage or other lien encumbering the homestead property at the time of the transfer or conveyance. This paragraph applies to transfers or conveyances from one spouse to another, from one spouse to both spouses, or from both spouses to one spouse. For the purpose of this paragraph, the term “homestead property” has the same meaning as the term “homestead” as defined in s.192.001.