Legal Question in Real Estate Law in Florida

Re: Real Estate Deed

Quitclaim or Warranty are used.

Re: Real Estate Deed

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A Quit Claim Deed or Warranty Deed will both work. Do execute a deed now may be a serious mistake, however.

Unfortunately, it is often not the best way to transfer property from one parents to children.

By transferring the property now, you have lost the right for a stepped up basis on the property at the time of the decedent's demise. Your basis will be the amount the grantor originally paid for the house and not the value on the date of his/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.