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Subject Author Date
deducting the Florida intangible tax Brew1 11-01-2007
Posted by Brew1 on November 1, 2007, 12:30 am
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 The most common occurrence of the Florida intangible tax
currently seems to be on a refinanced mortgage. I recall a
discussion here where it was pointed out that the full title
of the tax was something along the lines of the "Florida
intangible personal property tax," but that was when it was
a tax on intangible investments held outside of retirement
accounts.

Obviously personal property taxes are deductible on Schedule
A, but I don't see how a tax associated with real property
could be considered a personal property tax. Is the Florida
intangible tax shown on the HUD closing statement deductible
on a federal return?

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Posted by ebetts3 on November 1, 2007, 10:10 pm
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> The most common occurrence of the Florida intangible tax
> currently seems to be on a refinanced mortgage. I recall a
> discussion here where it was pointed out that the full title
> of the tax was something along the lines of the "Florida
> intangible personal property tax," but that was when it was
> a tax on intangible investments held outside of retirement
> accounts.
>
> Obviously personal property taxes are deductible on Schedule
> A, but I don't see how a tax associated with real property
> could be considered a personal property tax. Is the Florida
> intangible tax shown on the HUD closing statement deductible
> on a federal return?

Yes. Report it along with taxes.

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Benjamin Yazersky CPA on November 1, 2007, 10:10 pm
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> The most common occurrence of the Florida intangible tax
> currently seems to be on a refinanced mortgage. I recall a
> discussion here where it was pointed out that the full title
> of the tax was something along the lines of the "Florida
> intangible personal property tax," but that was when it was
> a tax on intangible investments held outside of retirement
> accounts.
>
> Obviously personal property taxes are deductible on Schedule
> A, but I don't see how a tax associated with real property
> could be considered a personal property tax. Is the Florida
> intangible tax shown on the HUD closing statement deductible
> on a federal return?

The Fla intangible tax has been repealed

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by William Brenner on November 3, 2007, 6:10 pm
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Benjamin Yazersky CPA wrote:

>> The most common occurrence of the Florida intangible tax
>> currently seems to be on a refinanced mortgage. I recall a
>> discussion here where it was pointed out that the full title
>> of the tax was something along the lines of the "Florida
>> intangible personal property tax," but that was when it was
>> a tax on intangible investments held outside of retirement
>> accounts.
>>
>> Obviously personal property taxes are deductible on Schedule
>> A, but I don't see how a tax associated with real property
>> could be considered a personal property tax. Is the Florida
>> intangible tax shown on the HUD closing statement deductible
>> on a federal return?

> The Fla intangible tax has been repealed

Brother Yazersky is correct, thanks to former Governor Jeb.

It is hard to tell, but the OP _might_ be confusing the late
unlamented intangible personal property tax with the Florida
Documentary Stamp Tax, which applies to mortgages, liens,
bonds, deeds, loans and other forms of indebtedness. I
suppose it could be considered an intangible type tax.

I do not remember whether it is deductible.

Bill

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by William Brenner on November 4, 2007, 7:33 am
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William Brenner wrote:
> Benjamin Yazersky CPA wrote:

>>> The most common occurrence of the Florida intangible tax
>>> currently seems to be on a refinanced mortgage. I recall a
>>> discussion here where it was pointed out that the full title
>>> of the tax was something along the lines of the "Florida
>>> intangible personal property tax," but that was when it was
>>> a tax on intangible investments held outside of retirement
>>> accounts.
>>>
>>> Obviously personal property taxes are deductible on Schedule
>>> A, but I don't see how a tax associated with real property
>>> could be considered a personal property tax. Is the Florida
>>> intangible tax shown on the HUD closing statement deductible
>>> on a federal return?

>> The Fla intangible tax has been repealed

> Brother Yazersky is correct, thanks to former Governor Jeb.
>
> It is hard to tell, but the OP _might_ be confusing the late
> unlamented intangible personal property tax with the Florida
> Documentary Stamp Tax, which applies to mortgages, liens,
> bonds, deeds, loans and other forms of indebtedness. I
> suppose it could be considered an intangible type tax.
>
> I do not remember whether it is deductible.

To clarify: The documentary stamp tax is a one time charge
on registered documents such as those listed above, among
others. The tax rate ranges from $.35 to $.70 per $100
valuation depending on the document type. For more
information, see:

http://dor.myflorida.com/dor/taxes/doc_stamp.html

Bill

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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