So Your Seller's Foreign Estate Owns U.S. Property... Meet FIRPTA! 🏠
Ever tried explaining FIRPTA at a dinner party? No? Well, grab a coffee ☕ and let's make this fun!
The Tale of Two Taxes
When a non-U.S. person passes away owning that sweet piece of American real estate, their estate gets to juggle not one, but TWO tax obligations. It's like a tax version of a circus act! 🎪
First up: Estate Tax - the "goodbye tax" 👋 Then comes FIRPTA - the "selling tax" 💰
FIRPTA in Plain English
Think of FIRPTA as Uncle Sam's way of saying, "Hey, before you sell that property and send the money overseas, let's talk!" 🗽
What happens:
- 15% of the sale price gets held back (like a really strict savings account)
- Paperwork needs filing within 20 days (no procrastinating allowed!)
- You'll need a U.S. tax ID (because everyone needs another number) 🔢
Need Help?
If your head is spinning faster than a tax form in a tornado 🌪️, we've got you covered!
Because nobody should face FIRPTA alone! 💪
If you need assistance with tax clearance letters, we can help! Contact Foreign Tax CPA: Janet Noack, CPA [email protected] (321) 784 -8329
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Janet Noack, CPA
Foreign Tax CPA, LLC
Cocoa Beach FL
+1 (321) 784-8329
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