Florida Statutes
§ 738.503 — Transfers from income to principal for depreciation
Florida § 738.503
This text of Florida § 738.503 (Transfers from income to principal for depreciation) is published on Counsel Stack Legal Research, covering Florida primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Fla. Stat. § 738.503 (2026).
Text
(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 t
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Legislative History
s. 1, ch. 2002-42; s. 17, ch. 2012-49; s. 38, ch. 2024-216.
Nearby Sections
15
§ 738.101
Short title§ 738.102
Definitions§ 738.103
Scope§ 738.104
Governing law§ 738.201
Fiduciary duties; general principles§ 738.203
Fiduciary’s power to adjust§ 738.301
Definitions§ 738.302
Applications; duties and remedies§ 738.303
Authority of fiduciary§ 738.304
Notice§ 738.305
Unitrust policy§ 738.306
Unitrust rate§ 738.307
Applicable value§ 738.308
PeriodCite This Page — Counsel Stack
Bluebook (online)
Florida § 738.503, Counsel Stack Legal Research, https://law.counselstack.com/statute/fl/738.503.