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Questions and Answers Forum

Author johnbsims3
Admin 

#1 - Posted: 23 Oct 2006 08:03 - Edited by: johnbsims3 
This is our Questions and Answers Forum. Feel free to ask as many questions as you wish. Subject matter limitations please.

Please create a new thread in this forum for any questions. Thanks!

Author johnbsims3
Admin 

#2 - Posted: 23 Oct 2006 20:05 
You can also read our "Frequently Asked Questions" HERE

Author Donald Wills
Participant 

#3 - Posted: 27 Oct 2008 11:30 
How may I get confirmation that my application for Homestead Exemption was accepted.

Author johnbsims3
Admin 

#4 - Posted: 27 Oct 2008 17:05 
You must directly contact the county property appraiser in the county in which you reside...

Author Donald Wills
Participant 

#5 - Posted: 5 Nov 2008 13:37 
What is maximum dollar gift to son.
Can both parents give maximum to same son.

Author johnbsims3
Admin 

#6 - Posted: 5 Nov 2008 18:09 
Don,

I think you can ask the question as "What is the maximum that I can give to family members per year so that they won't have to pay additional taxes?"

For US Income Tax purposes, any gift received is not income and no income tax is ever owed on the gift. Therefore, your family members will not have to pay any tax on any amount you give to them.

However, YOU will have to pay US Gift Tax if the gifts are too large. [Since you presumably would be giving more to your family if you did not have to pay the gift tax, it is just as bad for them.]

There are several ways that people escape the gift tax.

First, there is an annual exclusion of (currently) $11,000 per recipient for outright gifts . This means that the first $11,000 that you give to EACH family member is excluded from the gift tax. So, if you have a lot of family members, you can transfer a lot more money every year. [Two notes: [1] the $11,000 annual exclusion is adjusted for inflation by increments of $1,000 & [2] spouses can elect to 'split-gifts' and by doing so can each give up to $11,000 to each family member.]

Second, there is a lifetime exemption amount of $1,000,000. Although the exemption amounts for the US Estate Tax are set to go up between now and 2009, the gift tax exemption will stay at $1,000,000. This means that over the course of your lifetime, you can give $1,000,000 of taxable gifts without ever paying the US Gift Tax. Taxable gifts are those gifts that are above the annual exclusion amount. So, no part of the first $11,000 given to each individual is a taxable gift, only any amount above the $11,000. E.g. if you give $15,000 to your grandchild in a year, the first $11,000 is excluded & the last $4,000 is a taxable gift, which exempted under your lifetime exemption (unless of course you have already used it up). The bad news is that any of your lifetime gift tax exemption amount that you use up counts against your estate tax exemption. This may not matter if your estate will be sufficiently small (or if the estate tax is permanently repealed).

There are other ways to play games with the gift tax system other than simply giving under the annual exclusion & lifetime exemption amounts. If you have that much money, hire a good tax attorney to draw up a lifetime transfer and estate plan for you. Most of the plans revolve around special instruments, such as trusts, or entities, such as partnerships, to bend the tax rules a little.

Author Donald Wills
Participant 

#7 - Posted: 5 Nov 2008 19:16 
Thanks again for your help. I really appreciate it. Don

Author Paula Grant
Participant 

#8 - Posted: 18 Apr 2009 14:01 
I'm active duty military, with Florida residency status before and throughout my career. I'm currently stationed overseas, but intend to buy a house in Tampa before I return from overseas, with the intent to occupy it as my permanent residence when I get stationed in Tampa or retire, whichever comes first. I'm planning to buy the house with a fellow active duty military member (not a spouse). The other owner has already used a homestead exemption for a house owned in another Florida county. Can I still get the 25K exemption, or will we end up paying taxes on full assessed value?

Author johnbsims3
Admin 

#9 - Posted: 19 Apr 2009 10:13 
Yes, you will be able to get the new exemption amount of $50,000

Author Paula Grant
Participant 

#10 - Posted: 19 Apr 2009 16:27 
Great, and I forgot about the raise to 50K. Thanks for your help and your quick response!

Author Johnny
Participant 

#11 - Posted: 25 Jun 2009 20:13 
I owe over 300.000 dollars on my condo that I now live in. The condo is in FL. I owe almost 28 thousand dollars on a signiture loan and 4 thousand on a credit card.

I am fine if I continue to live. Here is my question. I own 40 acres outright. I want to put a mobile home on the 40 acres and file for home stead exzemption rights.

My question is, should I die after 40 months, is my wife protected to keep the 40 acres and mobile home if it is paid off. The second question is, can she file bankruptcy after 4 years on all other debts that we now have?

Author johnbsims3
Admin 

#12 - Posted: 26 Jun 2009 07:30 
The answer to both your questions are YES, as to question one, it does not need to be 'paid off' in order to continue protection for your spouse as long as it is her primary residence.

Author Johnny
Participant 

#13 - Posted: 29 Jun 2009 12:24 
Thank you so much, Is there a time limit that we must live in the mobile home in order to avoid problems with bankruptcy? Again, I am not planning on filing bankruptcy but I would like to know is there a time limit?


Thank you again for your help on this issue

Author johnbsims3
Admin 

#14 - Posted: 29 Jun 2009 14:47 
No time limit, as long as it is your primary residence.

Author Jeanette Rufo
Participant 

#15 - Posted: 15 Jul 2009 11:40 
We are five heirs to our parents property in volusia county. One of the heirs is a step son and we were told his 1/5th share would be subject to creditors. He asked, if he were to transfer his 1/5th share to one of the remaining four, would that 1/5th then not be subject to creditors?

Author johnbsims3
Admin 

#16 - Posted: 15 Jul 2009 12:59 
Jeanette,

No, but the creditor might consider it a fraudulent transfer.

Author BrokerRon
Participant 

#17 - Posted: 28 Aug 2016 06:37 
A condo is assessed at $49,800. The homeowner qualifies for the surviving spouse homestead tax exemption. The property is homesteaded. The millage rate is 28.6 mills. What are the property taxes owed on this property? thanks

Author johnbsims3
Admin 

#18 - Posted: 8 Sep 2016 16:58 
BrokerRon
The millage is total 28.6 based on the TRIM (WOW!)? Check out our tax calculator here: http://floridahomesteadservices.com/taxcalc.htm

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