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Florida Statutes Title XLII. Estates and Trusts § 738.503. Transfers from income to principal for depreciation

Current as of January 01, 2025 | Updated by Findlaw Staff

<Section effective Jan. 1, 2025. See, also, § 738.503 effective until Jan. 1, 2025.>

(1) For purposes of this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a tangible asset having a useful life of more than 1 year.

(2) A fiduciary may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation but may not transfer any amount for depreciation:

(a) Of the part of real property used or available for use by a beneficiary as a residence;

(b) Of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or

(c) Under this section, to the extent that the fiduciary accounts:

1. Under s. 738.410 for the asset; or

2. Under s. 738.403 for the business or other activity in which the asset is used.

(3) An amount transferred to principal under this section need not be separately held.

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Cite this article: FindLaw.com - Florida Statutes Title XLII. Estates and Trusts § 738.503. Transfers from income to principal for depreciation - last updated January 01, 2025 | https://codes.findlaw.com/fl/title-xlii-estates-and-trusts/fl-st-sect-738-503/

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