Florida’s Intangible Tax and Mortgage Tax Stamp Big Cost for Seniors!

INTANGIBLE TAX RULES: Current Through 9-18-11 CHAPTER 12C-2 INTANGIBLE PERSONAL PROPERTY TAX (Formerly 12B-2) 12C-2.001 Definitions. The following terms and phrases when used in these regulations and in the interpretation thereof, shall have

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Documentary stamp tax is due on the original issuance of bonds in Florida. The tax rate is $.35 per $100 (or portion thereof) based on the face value of the bond. Notes and Other Written Obligations to Pay Money The tax rate on a written obligation to pay money is $.35 for each $100 (or portion thereof) of the obligation evidenced by the document. Tax is due on a document that contains a promise to pay a

Income Tax Deduction and Other Tax Benefits A donor advised fund allows you to receive an immediate income tax deduction in the year you contribute to your DAF. Since AEF is a public charity, contributions immediately qualify for maximum income tax benefits, providing donors with the ability to lower their federal and state income tax.

Florida’s Intangible Tax And Mortgage Tax Stamp Big Cost For Seniors!. In the State of Florida where the economic tidal wave has hit almost every corner of the state hard financially, the 7.4 million seniors are hit the hardest – PR10162103

"It’s a big problem coming off the housing bubble," says Cary Sternberg, who advises seniors. Florida, for $77,000 in 1980. They refinanced, partly to pay down credit-card debt, and their mortgage.

This section provides that as to any mortgage subject to the intangible tax securing future advances as provided in s. 697.04, F. S., the intangible tax shall be paid at the time of execution on the initial debt or obligation secured, excluding any future advances, with the intangible tax paid at the time and so often as any future advances are.

determination regarding the imposition of documentary stamp tax and nonrecurring intangible tax in connection with a modification of an existing mortgage which will change the repayment terms and encumber additional property serving as collateral for a loan.

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