FIRPTA is an acronym that stands for the Foreign Investment in Real Property Tax Act. FIRPTA is not a tax, it’s a withholding. A withholding is an amount held back used to pay potential taxes. The IRS implements a withholding on foreign sellers to make sure that they pay their fair share of taxes. The IRS will hold this advance tax payment until the seller files a tax return to show what they actually owe.
Here to help guide you through the complex FIRPTA process with services like ITIN application, FIRPTA withholding and remittance, IRS case resolution and tax advising.
The Foreign Investment of Real Property Tax Act
FIRPTA is an estimated withholding of up to 15% of the selling price, paid by the seller, set aside for future tax payment, and is possibly refundable.
A 1031 Exchange, named after Section 1031 of the Internal Revenue Code, allows investors to defer capital gains taxes when selling an investment property by reinvesting the proceeds into a like-kind property. This strategy is a powerful tool for growing your real estate portfolio and preserving wealth.
Together with our partners we can help guide you through the intricacies of a 1031 Exchange, ensuring compliance with IRS regulations and helping you maximize your investment potential. From identifying qualified properties to managing timelines, we provide expert support throughout the process.
Whether you're looking to sell an investment property, diversify your holdings, or explore new opportunities, we're here to help you make the most of your 1031 Exchange in Charlotte County and beyond.
Ready to learn more about how we can help? Contact us today to schedule a consultation with one of our experts.
Contact us today to learn more about our services and how we can help you achieve your goals.
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