Realestate homeowners exption and deed
We own a house together for 12
years and are not married but both
of our names are on the deed. We
are building a new home using the
home equity loan from this one but
to claim homestead exeption one of
us needs to put our name on the
other deed right and take it off the
1st home? Okay when we go to sell
the first home one of us is not on
the deed no longer will that effect
the 250,000 limit for that one and
the 60 months even though he has
lived there 2 years out of the 60
months but his name is no longer on
the house?
Re: Realestate homeowners exption and deed
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Maybe. Neither of you can claim both properties as your homestead. By changing your designation with the County, you are leaving a paper trail that the IRS can track to claim fraud.
Before you do something like this, you might wish to step back and consider if this is really worth the possible ramifications. Your actions will be fraudulent to the State of Florida by one of you declaring a home in which you do not live as his or her homestead, and then you will later face the loss of exemption from the IRS on your subsequent sale of the first home.
Scott R. Jay, Esq.
