Change in home ownership

[EastCoastDawg]

My wife and I own our home in joint names.

How easy/expensive would it be to have it reregistered solely in her name?

Any tax consequences from the increase in value while we've owned it?

Thank you

[Stu from NYC]

My wife and I own our home in joint names.

How easy/expensive would it be to have it reregistered solely in her name?

Any tax consequences from the increase in value while we've owned it?

Thank you

Thinking you might want to talk to a lawyer/cpa about the ramifications of doing this.

[Papa_lecki]

My wife and I own our home in joint names.

How easy/expensive would it be to have it reregistered solely in her name?

Any tax consequences from the increase in value while we've owned it?

Thank you
It might trigger a re assessment in Florida.
Each local taxing authority has their own rules on transfers

[retiredguy123]

If there is no mortgage, it should be easy to do. Just go to a title company and they will prepare and record a new title. I don't think there will be any tax consequences. If there is a mortgage, the mortgage company may not allow it.

[rjm1cc]

Tax wize no problem. You can give property to spouse with not gift tax. Tax basis if sold to a third party is not affected.
The Fl homestead exemption might be a problem so I would call the local tax office and ask. They should also be able to give you the paperwork that needs to be filed. Ask if you can both go to the office and do the transaction.

[manaboutown]

Thinking you might want to talk to a lawyer/cpa about the ramifications of doing this.

I could not agree more. What are the OP's reasons compelling this? What are the desiderata?

The property most likely is currently held as a tenancy by the entirety.

"A tenancy by the entirety is a form of joint ownership that protects property from creditors of either spouse. In Florida, tenants by entireties means both spouses own an undivided interest in 100% of the property. If either spouse dies, the surviving spouse inherits full ownership of tenants by entireties assets. In this way, tenants by entireties can be considered as joint tenancy with rights of survivorship plus marriage. Tenants by entireties is allowed for all types of property in Florida."


Tenancy by the Entirety in Florida - Alper Law (https://www.alperlaw.com/florida-asset-protection/tenants-by-the-entirety/#:~:text=In%20Florida%2C%20tenants%20by%20entireti es,rights%20of%20survivorship%20plus%20marriage).

It is also possible but unlikely that it is held as a tenancy in common.

There is no such thing as held in "joint names" as far as I know. Disclaimer: I am not a Florida licensed attorney

[EastCoastDawg]

Thank you all for your feedback

[thelegges]

Question for your tax accountant, and who ever prepares your will.

[Papa_lecki]

Is this considered a change in ownership?


“When the property changes ownership, Florida law requires the property appraiser to remove exemptions and reassess the property so the assessed value equals the just value. This takes effect on January 1 after you purchase the property.”

https://floridarevenue.com/property/Documents/pt107.pdf

[Altavia]

Putting the home in Trust may be another option depending on you goal.

[margaretmattson]

My wife and I own our home in joint names.

How easy/expensive would it be to have it reregistered solely in her name?

Any tax consequences from the increase in value while we've owned it?

Thank youI am not certain why you want to give full ownership to your wife.

1. In Florida, there are homestead laws. No creditor can take your home to collect a debt owed to them. Even if they threaten to do so. Read the homestead laws.

2. If you divorce, the home is solely in your wife's name. You have no claim to it.

3. There should be no tax consequence. No sales transaction occurred. It is only a change in title.

Most importantly, please do not trust ANY of our answers. None of us knows your situation. It is best to call a real estate attorney.Some give answers over the phone free of charge.

[Pgcacace]

In CT we did a Quick Claim to change to my name only. No consequences. No cost. It may be different in FL.

[danglanzsr]

It is a “quit claim”, not a “quick claim” deed. A very common mistake.

[nsantelli]

Florida does have Quit Claim, so it is easy to transfer title. However, there are potential tax issues and liability issues down the road.
Years from now, if you sell the home at a price much larger than your cost basis, the primary home sale capital gains tax exemption is only half of what it would be today, when both of you own the home.
If your wife is successfully sued, you could lose the house as part of the settlement. When tilted Tenants by the Entirety the home is protected.
There are other possible issues.

Seek professional advice before doing this.

[john352]

It might trigger a re assessment in Florida.
Each local taxing authority has their own rules on transfers

There may be a better option in Florida called an Enhanced Life Estate Deed, popularly known as a “Lady Bird Deed,” which permits an individual to convey an interest in their property to someone else while still retaining rights (including ownership) over that property for as long as they live. If you Google it, you will find the information provided by several Florida law firms, such as this [URL="https://jfrealestatelaw.com/what-are-the-pros-and-cons-of-a-lady-bird-deed-in-florida/"]

[Sgt Ed]

My wife and I own our home in joint names.

How easy/expensive would it be to have it reregistered solely in her name?

Any tax consequences from the increase in value while we've owned it?

Thank you I gave my house in Tampa to my son. The process was very simple, no mortage, took notorized statement of action to County Clerk and they change the title. BIG pitfall, they reasses the tax and his taxes went from my $900 a year to his $4000 a year. I then had to reapply for homestead in Sumter.

[Wondering]

Quit Claim deed and no tax implications. Easy to do.

[will1546]

Quit Claim deed and no tax implications. Easy to do.
Do you know how to get a free form?

[main12use]

Consult an Attorney but I guarantee you that a Lady bird deed will be highly recommended. I know this from experience when my husband passed away with the house in his name. It is very inexpensive to do this and it will save you thousands if she passes away before you.

[Haggar]

My wife and I own our home in joint names.

How easy/expensive would it be to have it reregistered solely in her name?

Any tax consequences from the increase in value while we've owned it?

Thank you

The $500,00 exclusion would still apply if the house is in the spouse's name only - so no problem there as long as the other required conditions are met.

A surviving spouse would get a step up in basis if the house were owned jointly upon the other spouse's passing . No step up when residence is retitled in only one spouse's name. Depending upon when the house is sold the surviving spouse may get only a $250,000 exclusion so the step up in basis would affect the profit and therefore whether there is any taxable gain.

[MidWestIA]

what if she dies first

[Haggar]

what if she dies first

If she is the sole owner at the time of her death spouse gets step up on entire residence.

I've have several situations where the last to die passed away - step up basis went to market value and the beneficiary(ies) had a tax deductible capital loss because of selling costs bringing the net sales price below the market value at date of death.

[Randall55]

Please call a real estate attorney. Over the phone, they will discuss the best option for you and the cost. Why guess on something as important as this?