Re: deducting the Florida intangible tax

Nov 05, 2007 2 Replies

I am not confusing the doc stamp with the remnants of the Florida intangible tax. To quote from the Florida Dept of Revenue: The repeal [of the Annual Intangible Personal Property Tax] DID NOT include: The nonrecurring tax on a note, bond, or other obligation for payment of money that is secured by a mortgage deed or other lien on real property...

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It is paid on certain refinancing, home equity loans, etc. and is a separate line on the HUD form So I will repeat my original question, is this a personal property tax? Should it be deducted on Schedule A?




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Well, a mortgage is an intangible, so I can see how you call it that. anyway,..... It's not a property tax. That is one assessed ON the property. A mortgage note is not the property, which is tangible, therefore the mortgage is an intangible. Which brings us back to square one. ChEAr$, Harlan Lunsford, EA n LA

Not to belabor the subject, but the quotation describes the documentary stamp tax quite accurately . The deductibility question can be answered via a simple Google search.

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