Our content is aimed at Realtors. These topics and discussions will benefit Investors, Lenders, Title Agents, Service Providers and others in Florida real estate industry.
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It’s hard to find the exact data, but it’s believed as many as half of all FL sales are eligible for portability, but roughly only half get it, and that equals about $5bill in missed tax savings.
Did you know if divorcing parties sell their home they can assign the portability rights between them? They can actually take the capped value, and assign it between them just like any other marital asset.
What does that mean? Let’s say for example, a divorcing couple is selling their Homestead home, and there is a $500,000 portability benefit available to them on their next Homestead purchased. In this example the portability benefit has an approximate value of $10,000 a year, so overt the next 3-5 years (the average period home ownership), that could be worth about $30,000-$50,000. Now let’s say one divorcing party wants to rent and one wants to buy. The party that wants to buy could have the renting party assign the portability benefit to them, have a smaller tax burden, and potentially afford more home.
In other words, portability is another marital asset to be divided between the parties, that can enable one party to buy more home and have less taxes.
This is another tool you can use to distinguish yourself from other realtors in this hyper-competitive market. And if you ask 10 other realtors if they are aware, I’d bet all 10 say no. I’ve asked family law attorneys if they are aware, and almost all said no.
Jim and Ryan are always seeking perspectives to share with you. We look forward to having expert Guest Speakers soon. Join the show by participating in our Q&A session at the end.
Attorney, James N. Brown is a real estate industry veteran with over 7,000 transactions under his belt.
In the past 30 years, Jim has helped 1,000’s of realtors, buyers and sellers win and close deals. From land development, construction, commercial and residential; Jim has seen the good, bad and the ugly of real estate transaction.
Ryan Poole has been helping buyers and sellers for over 23 years by leveraging technology and relationships.
Ryan is the Founder & CEO of RealTrade.io, where Real Estate is Made Social. He is also a co-host of The REDA Podcast.
Our goal is to strengthen Florida’s real estate community by sharing experiences and knowledge.
“Iron sharpens iron” is out motto.
New Path Title, LLC
1110 N. Olive Ave.
West Palm Beach, FL 33401