Legal Question in Real Estate Law in Florida

A relative want to give a piece of land valued $35,000.00, what if any taxes will i've to pay in accepting this gift?


Asked on 10/06/09, 5:29 pm

1 Answer from Attorneys
Frank J. Pyle Probate Attorney Throughout Florida

Although it is doubtful that any gift tax would be due (since currently no gift tax is due until one has given away a total of over $1,000,000), it would be due by the relative, not you. For capital gains purposes when/if you ever sell, you take the relative's cost basis. Documentary stamps of $7 per $1000 of any outstanding mortgage balance would be payable when the deed is recorded.

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Answered on 10/07/09, 1:49 pm


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