For the Oct 27 call with Frank Stitely

Florida Land Tax Packet

Florida land owned by Eva Weitzel, inherited from her father in 1997. Eva and Lance are planning a sale in early 2027 and want the tax impacts worked out in advance. This page gives Frank the facts and frames the questions for the call.

A. Facts on Hand

Title owner: Eva Weitzel (sole owner)
Location: Lake County, Florida — parcel ID 361728010008501000 (Alternate Key 3596269)
Size: 1 acre
Inherited from: Eva's father, Debbie Ann Little
Father's date of death: February 14, 1997
How it passed: To Eva and her sister Ilene Jones as next of kin. Ilene's half was later transferred to Eva as a gift — no payment was made. Deed recorded January 28, 1998 (Lake County Official Records Book 1579, Page 1634; grantors Ilene Shannon and Eva Weitzel, grantee Eva Weitzel, $0 consideration).
Improvements since 1997: None
Use: Vacant the whole time — never leased, farmed, or otherwise used
Expected sale timing: Early 2027
Expected price: About $80,000

B. Stepped-Up Basis

Eva's basis looks like the full fair market value as of February 14, 1997: her inherited half stepped up directly, and Ilene's half carried over at Ilene's stepped-up basis when gifted to Eva. Is that the right way to see it, and how do we establish the 1997 number?
The December 1994 arm's-length sale of this parcel at $5,000 is the main market evidence near the date of death. Is that usable evidence of the 1997 value, and what documentation will support it if an appraisal or other historical records are unavailable?

C. Historical Value Records to Gather

Checklist for Eva and Lance to collect before the meeting:

Probate file found: Lake County case 35-1997-CP-000428-AXXX-XX (filed March 27, 1997, closed); Eva was petitioner and personal representative. Docket index is online; document images are not — inventory copy to be requested from the Clerk
Date-of-death appraisal, if one was ever done
Inventory filed July 8, 1997 — obtain copy from the Clerk (may list the parcel's 1997 value)
County property appraiser historical assessed values around the date of death
Any surveys, improvement records, or closing documents from the original transfer
Records of any improvements, easements, or encumbrances since inheritance
HOA payment history — request ledger from Royal Trails Property Owners Association: website royaltrails.com, email BOD@royaltrails.com, phone 352-483-2740, mail 30238 Banana Street, Eustis, FL 32736 (President: Joe Tegg, per recent listings)

D. Capital Gains

With an expected sale price of about $80,000 in early 2027, what federal long-term capital gains rate should we expect, and does the 3.8% net investment income tax apply?
Florida has no individual income tax, but Eva is a Virginia resident — please confirm how Virginia will tax the gain and what estimated-tax / safe-harbor payments to plan for 2027, given an early-year sale.
Could this land qualify for a 1031 exchange (if investment property) or an installment sale to spread the tax — and what are the timing constraints for each?
Any withholding or reporting at closing to expect as a nonresident seller of Florida land?

E. Next Year's Return

If the sale happens, will you prepare the 2027 tax return to make sure the sale is handled correctly?
What should Eva and Lance bring to the engagement, and what is the right timing to engage you?
How do you bill this kind of advisory work — flat fee or hourly?

F. Lake County Records Detail

Records pulled October 28, 2026. Each record is quoted from the issuing office; the notes say what each record does and does not prove.

1. Property Appraiser record — Lake County Property Appraiser (lakecopropappr.com, Alternate Key 3596269). Owner: WEITZEL EVA I. Parcel 36-17-28-0100-085-01000; LOCUST ST, EUSTIS FL 32736; ROYAL TRAILS UNIT NO 1 SUB, LOT 10 BLK 85 (ORB 1579 PG 1634); vacant residential, 1.000 lot. 2027 working market value $70,000; assessed $23,290 (Save Our Homes cap); estimated taxes $596.44. Sales history: Dec 1, 1994 Warranty Deed (Book 1340, Page 679), QUALIFIED, vacant, $5,000; Jun 12, 1997 Probate Order (Book 1526, Page 1452), $0; Dec 22, 1997 Quit Claim Deed (Book 1579, Page 1634), UNQUALIFIED, vacant, $2,000. Source: Property Appraiser parcel page. Note: the $2,000 is the appraiser's coding for a non-arm's-length transfer, not a sale price; the appraiser shows current values only, not a 1997 value.

2. Deed — Lake County Clerk of Court, Official Records. Book 1579, Page 1634, Instrument #98006229. Type D - DEED, recorded January 28, 1998, 11:44 AM. Grantors: SHANNON ILENE M and WEITZEL EVA I. Grantee: WEITZEL EVA I. Consideration $0.00. Legal: BLK85 LT10 ROYAL TRAILS UN 1. Two pages. Source: Clerk's deed record. Note: the $0 consideration fits a gift transfer; the deed image itself was not viewable, so these details come from the Clerk's index panel.

3. Probate case — Lake County Clerk, ShowCase portal. Case 35-1997-CP-000428-AXXX-XX, filed March 27, 1997, CLOSED, Judge Mark J. Hill. Decedent: LITTLE, DEBBIE ANN, died February 14, 1997. Eva Weitzel: petitioner and personal representative. Docket highlights: April 28, 1997 Petition to Determine Homestead Real Property (Ilene Shannon consent); June 12, 1997 Order Determining Homestead Real Property; July 8, 1997 Inventory filed; September 22, 1997 Proof of Service of Inventory (Ilene Shannon); January 30, 1998 Ilene's waiver, receipt and consent to discharge; February 6, 1998 Order of Discharge. Source: Clerk's case page. Note: no document images are viewable online for this 1997 case — the July 8, 1997 inventory must be requested from the Clerk, and it is the document most likely to list the parcel's 1997 value.

Purpose: Organize the facts, records, and questions for an accountant. This page does not provide tax advice or reach a tax conclusion. Page refreshed October 28, 2026 from the current packet. Nothing here is sent to Frank without Lance's approval of the exact message.