Legal Question in Real Estate Law in Florida
How can i buy a house from my parents and avoid sales taxes? Im in florida and they have a house they rent out and im considering buying it at whatever is left on loan and without extra fees
Asked on 3/28/12, 12:24 pm
2 Answers from Attorneys
David Slater
David P. Slater, Esq.
There is no sales tax. There is a fee for recording the deed depending upon how much you pay. Make sure the mortgage is satisfied of record.
Answered on 3/28/12, 1:26 pm
Barry Stein
De Cardenas, Freixas, Stein & Zachary
There is no sales tax on real estate sales. There likely will be a tax impact on them on the difference in the basis they have and whatever the sales price is. I would suggest you contact an attorney and accountant before doing this deal.
Answered on 3/25/13, 11:42 am
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