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Tax law allows gifting of assets of up to $11.7 million (in 2021) over a persons lifetime without incurring a gift tax. If the house is worth less than $11.7 million and it was given to the children, the parent would not have to pay taxes on it.
In order to transfer property to a family member as a gift, youll need to execute a Deed of Gift. This is also known as a Transfer of Gift. This legal process ends with the family member(s) classified as the propertys legal proprietors. The new owners names will then appear on the Land Registry.
The donor must be the absolute owner of the property, it must not be the ancestral property. It is valid for any future transaction and u can mutate ur name as the owner of the property. The gift is generally irrevocable.
A person filing a deed for transfer of Florida real estate ownership must do so through the county comptrollers office where the property is located. There is a small fee for filing and a document stamp tax, which is an excise tax on legal documents delivered, executed or recorded in the state.
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