My mom wants to transfer her condo deed from her name to both her and my names. We are both homesteaded our own condos in Florida. Will we both be able to keep the homestead on our homes we live in separately. Also, what tax fees will be involved? Thank you.
Answer
Transferring her condo to you and her would mean there likely is a gift tax incurred for the 50% undivided interest you are being given in the condo. You state that you both are claiming homestead on your own condos, but you don't indicate if the condo being transferred is her homestead. if so, your owning 50% and claiming homestead elsewhere means that the homestead credit on real estate taxes will be lowered. Seek legal help with this transaction to make sure no further obligations are being assumed.
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