Foreign Sellers of Real Property in the U.S. Pay 10% Tax

Is a foreign person taxed differently than a citizen, when selling property in the United States of America?  The answer is yes, but there are quite a few exemptions to consider as well. The Foreign Investment in Real Property Tax Act, otherwise known as FIRPTA, became law in 1980 and requires closing agents (attorney’s, title companies, etc.) to withhold 10% of the amount realized.  There are a few things that the “amount realized” could be calculated from, but generally it is the purchase price of the property.  The 10% withheld is owed to the IRS. The Code imposes on the transferee the liability for collection and payment to the IRS of ten (10%) percent of the purchase price when a foreign person sells U.S. real estate. The Code defines a "foreign person" as "any person other than a United States person." What that means is not entirely clear; however, the determining factor appears to be whether or not the transferor has a taxpayer identification or social security number. Who … [Read more...]

Who is the best real estate agent in Crystal Beach?

The best realtor in Crystal Beach is the one who has consistently outperformed every single other agent year after year. This top Crystal Beach agent uses aggressive advertising campaigns for his properties and has more local knowledge than any other agent or brokerage in Crystal Beach. Here’s a short resume of the best realtor in Crystal Beach: He has the highest percentage of market share in Crystal Beach for 6 out of the past 10 years. Not only has he outsold all other individual agents, he has a track record for outselling ENTIRE brokerages! He has specialized in Crystal Beach real estate for more than 10 years. He advertises properties locally, nationally, and internationally in all available media formats assuring maximum exposure to potential Crystal Beach buyers. He brings more knowledge and experience to his Crystal Beach clients than any other agent or brokerage in practice today. So, who is this Realtor? Who is really the best of the best in Crystal Beach? The … [Read more...]