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Property Tax Reform & Divorce

By
Real Estate Agent with Berkshire Hathaway Home Services Florida Network Realty BK 3030920

I've got a great friend, at the tail end of a horrendous divorce. She's found a terrific rental, close to her current residence, and is moving in the middle of this month.

With the portability portion of the tax reform, it would appear she can "port" her savings from her current house, despite the fact that she is not selling the house to her now ex-husband, but I thought I'd post it to A/R to see what advice, suggestions, etc. others may have.

Does anyone have an idea about how this could work for someone in this type of situation?

Appreciate all input!

Posted by

Carol Zingone is a full service Broker Associate proudly affiliated with Berkshire Hathaway HomeServices Florida Network Realty in Atlantic Beach, FL.  I help buyers and sellers locally, regionally, and internationally.  With hundreds of happy buyers and sellers over the course of my career, I'm thrilled to help first time buyers, military buyers, seniors, investors, 1031 exchange properties, short sales and REO's.  I have spent hours honing my expertise, including the designations of: Graduate Realtor Institute (GRI), Loss Mitigation Certification (LMC) , Short Sales, Foreclosures, REO's, (SFR), and Senior Real Estate Specialist (SRES).  I pride myself on providing excellent expertise to all buyers and sellers. Search the MLS via www.carolzingone.com  for Jacksonville and area listings!

 

Comments (9)

Allen C. Wright
RealtyU - Aliso Viejo, CA
NS, AHS, REPS

This is a great question ... I am marking to be notified of comments because i would like to read the responses.

 

Thanks for posting

Dec 07, 2007 02:05 AM
Richard C. Decker,P.A.-Realtor Broward County FL
RE/MAX Partners - Fort Lauderdale, FL

Carol - I do not see how she can 'port' if she is not selling??  I am Confused.

 -- There is a brief explanation of how the proposed new plan would work at http://www.bcpa.net/Forms/Jan08-VoteExplanation.pdf  - the Broward county property appraiser office. --   but again with no sale what is trying to be accomplished?

Dec 07, 2007 02:10 AM
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS
Richard - I'm wondering if she is relinquishing her ownership in the current house, yet can show she was a homesteaded property owner for 2007, she can  then "port" - it is confusing, I know!  Ii'm not sure if she can or can't, we  just spoke this AM, and  I thought this would be a great place to start...
Dec 07, 2007 02:13 AM
Richard C. Decker,P.A.-Realtor Broward County FL
RE/MAX Partners - Fort Lauderdale, FL
Carol -  Think it is time for the lawyers...  If she gives up her interest in the property than I do not see how she can get anything from a sale... Just because she was there in 2007 would not qualify her for any benefits.. I think anyway.
Dec 07, 2007 02:19 AM
Allen C. Wright
RealtyU - Aliso Viejo, CA
NS, AHS, REPS
I would agree with Richard ... it would appear that this is not a straight forward situation, I might also suggestion a call to an accountant that specializes in such matters.
Dec 07, 2007 02:41 AM
Pam Graham
All Real Estate Options - Jacksonville, FL
Jacksonville, Clay & St Johns Counties
You should call the property appraisers office for information on the proposed protibility. We just had a tax forum last night and the portibility portion referred to a homeowner who sold their home and bought another one.
Dec 07, 2007 06:18 AM
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS
Thanks everyone for your comments - I've emailed an attorney friend of mine, and will post her reply to this blog when I hear back from her.
Dec 10, 2007 12:49 AM
Richard C. Decker,P.A.-Realtor Broward County FL
RE/MAX Partners - Fort Lauderdale, FL
Carol - Check the blog groups also - there is one for Title and one for Lawyers - maybe you could get a reply there also..
Dec 10, 2007 01:25 AM
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS
Richard - thanks, I was going to do a search.
Dec 10, 2007 01:28 AM