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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

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