During this time of year, many of you are probably thinking about your ad valorem real property taxes and how much the assessed value has increased since last year. However, you should also be thinking about another, albeit less known, Florida ad valorem property tax, the so-called annual intangible personal…
In today’s rapidly appreciating real estate market, it is oftentimes desirable for asset protection purposes to separate the ownership of real property from the ownership of an operating business that utilizes the real property, particularly when the operating business is especially susceptible to lawsuits for malpractice or negligence. For example,…
In the Fall 2004 Legal Update, I wrote about some tax deductions available to those that incurred uninsured losses as a result of the recent Florida hurricanes. This article focuses on a related topic; the taxation of the receipt of insurance proceeds for insured losses with respect to property damaged…