Florida § 738.503 - Transfers from income to principal for depreciation.
Full text of Florida Florida Statutes § 738.503 — Transfers from income to principal for depreciation., with citation guidance and answers to common questions.
§ 738.503. Transfers from income to principal for depreciation.
(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.
Source: official Florida text · Last verified 2026-08-27
Frequently Asked Questions About Florida § 738.503
What does Florida Statutes § 738.503 cover?
Section 738.503 ("Transfers from income to principal for depreciation.") is part of the Florida Statutes, the codified statutory law of Florida. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Florida § 738.503?
A common citation format is "Florida Statutes § 738.503" (Florida). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Florida law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Florida official source linked on this page or consult a licensed Florida attorney.
How does Florida § 738.503 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Florida can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Florida.