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i brought a property in the name of a corp.I own 100% the mortgage…

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i brought a property in...
i brought a property in the name of a corp.I own 100% the mortgage note was in my name I have since modified the note ,but had to transfere the title in my name personally . there was a loan ouystanding at the time i quit claim the deed to me personally. i am i liable to pay Doc.Stamps on the outstanding laon balance ?
Submitted: 5 years ago.Category: Business Law
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3/1/2013
Business Lawyer: Law Pro, Attorney replied 5 years ago
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What state is this going on in?
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Customer reply replied 5 years ago


florida

Business Lawyer: Law Pro, Attorney replied 5 years ago
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.



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