All of the following transactions are exempt from Florida documentary stamp tax EXCEPT:
Correct Answer
B) A mortgage securing a construction loan from a Florida bank
Correct: Construction loan mortgages are subject to documentary stamp tax at $0.35 per $100 like other mortgages and promissory notes. Why not A: Deeds to the United States government are exempt from documentary stamp tax. Why not C: Transfers between spouses in divorce proceedings are exempt when pursuant to a court order. Why not D: Corrective deeds with no additional consideration are exempt from documentary stamp tax.
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A real estate investor is doing a 1031 exchange, trading a rental property worth $500,000 for another rental property worth $650,000, and paying $150,000 cash as boot. What documentary stamp tax is due on the deed for the property being acquired?
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What is the documentary stamp tax due on a promissory note in the amount of $185,500 that is secured by a mortgage on Florida real estate?