Expand Your Education with These Courses from
A Consumer Advocate Approach to Real Estate: Course 1.
The Psychology of Consultative Selling: Skills for Sales Success: Part Four.
Effective Presentation Skills for Sales Professionals: Skills for Sales Success: Part Five.
Bundle 1: CIPS Core Courses (Non-US Version).
Bundle 3: CIPS Institute (US Version).

Real estate Q&A: Buyer Must Collect Tax from Foreign Seller

Have a comment on this article? Share on Facebook!

By Gary M. Singer

The closing agent may want you to sign an affidavit that you are planning to satisfy the occupancy requirement. If you sign the affidavit and don’t end up living there, the IRS could later come after you and make you pay the tax yourself.

This entire issue can be avoided by insisting that the seller apply to the IRS well in advance of the closing to determine how much tax, if any, will be due.

Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar.

The information and materials in this column are provided for general informational purposes only and are not intended to be legal advice. No attorney-client relationship is formed. Nothing in this column is intended to substitute for the advice of an attorney, especially an attorney licensed in your jurisdiction.

©2013 Sun Sentinel (Fort Lauderdale, Fla.)
Distributed by MCT Information Services

Continue Reading 1 2

Have a comment on this article? Share on Facebook!

Join RISMedia on Twitter and Facebook to connect with us and share your thoughts on this and other topics.

One thought on “Real estate Q&A: Buyer Must Collect Tax from Foreign Seller”

  • John Myers says:

    This a very clear way to explain this law. Which I think is insane, it does not make sense to me that the buyer must be the tax collector. Seems like the IRS could come up with a better plan.

    Any way the law is what it is. Nice job of explaining the law is very simple and understandable terms.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Copyright© 2016 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com

Our Latest News >>