Legal Question in Real Estate Law in Florida

Re: Deed question

Yes, subject to her life estate.

Re: Deed question

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A qualified maybe. Without reviewing the instrument, it is impossible to say with certainty. It depends if the Deed was properly prepared and executed with the formality that Florida law requires. It must also be recorded with the Clerk of the Court in the County in which it is located.

Unfortunately, you may have done a disservice to yourself. By transferring the property now, you have lost the right for a stepped up basis on the property at the time of your mother's demise. Your basis will be the amount your mother originally paid for the house and not the value on the date of her death which it otherwise would have been if transferred through probate.

Capital gains taxes on its eventual sale are based on the difference

between the purchase price (basis) and the net selling price after various allowable deductions for improvements and costs of the sale.

Scott R. Jay, Esq.