Q: Are we required to pay intangible tax on a property we are transferring into a revocable trust via a quit claim deed?
The revocable trust is in my and my spouse's name which the current deed is in our name also. We do carry a mortgage on the property and was told by county clerk that we may have to pay the tax when we file the quit claim deed. But have also heard that me may not have to. Not sure I want to pay the almost $1,000 tax just to transfer the deed.
A: You will have to pay documentary stamp tax on the Mortgage and the transfer to the state of Florida.
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