In the world of real estate, it’s common for individuals to grant a Power of Attorney (POA) to someone they trust to handle the sale of their property. However, recent cases have highlighted a growing concern—fraudulent use of POAs, especially relating to foreign sellers who may no longer be alive. As a firm specializing in […]
New Fear Unlocked! Deceased Principals Using Power of Attorneys Read More »
When navigating the complexities of real estate transactions, taxes, or legal matters, having the right tools in place can make all the difference. One such tool is a Power of Attorney (POA)—a legal document that grants someone the authority to act on your behalf. For individuals managing property sales under the Foreign Investment in Real
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Why FIRPTA Is More Common in Florida Than Other States If you’ve ever delved into the world of real estate transactions, especially involving foreigninvestors, you’ve likely encountered FIRPTA— the Foreign Investment in Real Property TaxAct. This U.S. federal tax law requires that foreign persons pay tax on gains from the sale of U.S. real estate.
Top 5 FIRPTA Mistakes People Make Navigating the Foreign Investment in Real Property Tax Act (FIRPTA) can be a complex and daunting task for many. Without proper guidance, individuals often encounter significant challenges and pitfalls. To help you avoid these issues, we’ve identified the five most common mistakes people make when dealing with FIRPTA. Here’s
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Understanding Withholding Certificates: A Guide for FIRPTA Compliance In the realm of real estate transactions involving foreign investors, the Foreign Investment in Real Property Tax Act (FIRPTA) plays a crucial role in ensuring that appropriate taxes arecollected. One of the key components of FIRPTA compliance involves the use of withholding certificates. In this blog, we’ll
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Understanding LLC Taxation and FIRPTA Implications When setting up a Limited Liability Company (LLC), one of the most crucial decisions involves choosing how the entity will be taxed. This choice not only influences the day-to-day financial operations of your business but also impacts compliance with various tax laws, including the Foreign Investment in Real Property
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Understanding the Benefits of Hiring a Professional for FIRPTA Compliance Navigating the complexities of real estate transactions can be challenging, especially when dealing with the Foreign Investment in Real Property Tax Act (FIRPTA). FIRPTA is a U.S. tax law that requires buyers to withhold up to 15% of the sales price if the seller is
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How FIRPTA Can Affect a Buyer: What You Need to Know When purchasing real estate in the United States, buyers are often focused on factors like property value, location, and financing. However, if the seller is a foreign person, there’s an additional consideration that can impact the transaction: the Foreign Investment in Real Property Tax
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