[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]

Originally Posted by 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

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

[Papa_lecki]

Originally Posted by 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

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]

Originally Posted by Stu from NYC

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.

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]

Originally Posted by 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

I 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]

Originally Posted by Papa_lecki

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/"]