Legal Question in Real Estate Law in Florida
My mother-in-law owns a vacant parcel of real estate in Leigh Acres, Florida. Comparable lots are advertised for sale at $500 or less. She wants to abandon the property and take a capital loss on her tax return.
Is there a legal way to abandon the property?
Asked on 12/18/16, 7:03 am
1 Answer from Attorneys
Barry Stein
De Cardenas, Freixas, Stein & Zachary
This is really a question more for an accountant as the impact of her loss on her tax return depends on other financial issues. If she stops paying the real estate taxes the tax certificate will be sold and eventually a tax deed can issue. The debt, however, will remain hers even if not paid. She should consult with an attorney about the best way to deal with the property and her financial adviser.
Answered on 12/18/16, 9:56 am
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