Legal Question in Real Estate Law in Florida
I bought a home for my father and moved him to Nassau County, fl two years ago. I have a small mortgage on the property. If I add his name to the title and he lives there full time can he homestead the property? When he passes will i have to pay inhert fees
2 Answers from Attorneys
1. Yes. You can file a new deed owning as tenants in common or jointly with right of survivorship.
2. He can list it as his Homestead if he living there and obtain the tax break.
3. Depends on how it is titled and size of his estate. Florida has no estate tax, Federal has 5M exemption.
He likely can get homestead deduction in taxes for his 50% undivided interest. Unless it is your homestead your share likely will be homestead under the real estate tax law. the property would be yours upon his death and there is no reporting requirement at that point in time.
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