There was a memo that was sent out by one of the employees of the Department of Revenue that on short sales the state wanted to collect documentary stamp tax on the forgiven debt plus the sales price. To catch up on this story and news you can click here to read my post about the documentary stamp tax in question.
When these things happen the Governmental Affairs of the Realtor Associations ban together to present to our Senators and DOR directors what our take on this is. There is nothing in the DOR rules that addresses the issue of the forgiven debt. There is no money exchanging hands and our position is that the tax is due on the deed. That is what the law says. Nothing more.
I had a talk with our state Senator Jeff Atwater about this issue and he said he interpreted the rules the same way we did and that he would look into it.
Victory! Realtors win their case with the DOR regarding the short sale documentary stamp tax!
It is official. The Documentary Stamp Tax is to be collected on the lower amount, the short sale amount!
Please pass this information along to your Title companies and Attorneys here in the state of Florida who do your short sale closings!
*****************************************************************************
Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.
Call us today at 561.753.0135 or Toll Free 800.444.3316. Contact us by email if you prefer by clicking on email me on the right side of this page under our profile.
To view all the Wellington Florida Luxury Homes For Sale Click here and then click on Search For Homes We know Palm Beach County and St Lucie Country; we will help you get your home Sold if you need to Sell your home and help you buy your Wellington Home or Land ; call us today.
Disclaimer:The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker.
P.S. If you are listing your home as a short sale in Palm Beach County Florida and Port St Lucie Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 561-753-0135 to find out more about Palm Beach County Short Sales and Port St Lucie Short Sales.
Copyright © 2008 By Katerina Gasset, All Rights Reserved.* Victory For Short Sales In Florida- Realtors Win For Sellers! *
Comments(18)