I have to agree with the State - you're liable to pay for the documentary tax stamp.
That although you are 100% owner of the corporation
- that does not exempt the tax stamp fee.
Documentary stamp tax is levied at the rate of $.70 per $100 (or portion thereof) on documents that transfer interest in Florida real property, such as warranty deeds and quit claim deeds.
Your transfer of ownership from the corporation to yourself is a taxable transfer.
Florida law limits the maximum tax due on notes and other written obligations to $2,450. However, there is no limit on the documentary stamp tax due for mortgages or liens filed or recorded in Florida. Tax is paid to the Clerk of Court if the document is recorded, or sent directly to the Department of Revenue if the document is not recorded.
Documentary stamp tax is payable by any of the parties to a taxable transaction. If one party is exempt, the tax must be paid by the nonexempt party. United States government agencies; Florida government agencies; and Florida's counties, municipalities, and political subdivisions are exempt from documentary stamp tax.
I know this isn’t going to be the answer you want to hear, and it’s certainly not what I want to tell you.
However, I wish to be completely honest with you, so I feel obligated to not give you false hope
If you have any further questions, please feel free to let me know…
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