Llope6425, Home Buyer in Altamonte Springs, FL

Im currently an international student. My parents are looking to buy me a condo but they are worried about taxes for foreigners

Asked by Llope6425, Altamonte Springs, FL Mon Aug 8, 2011

Is there a special tax applied to international buyers in FL? if so how much is it? or is tax for homeowners the same no matter what nationality.

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Answers

7
Thank you all for the great answers. I will take a look at some of the information provided and will be in contact once my parents and I discuss their budget and such.
Thanks again
0 votes Thank Flag Link Tue Aug 9, 2011
I did the same thing when my daughters went to college. It’s much smarter than paying rent and I’ll bet by the time you graduate, the values will have recovered somewhat so it might actually make a profit for your parents. The tax laws are pretty similar for international owners, the difference comes at the time your parents sell the property. There will be a withholding of some of the proceeds of the sale until the IRS makes sure that there is no tax money owed to them. Here are a couple of links that explain FIRPTA:

http://en.wikipedia.org/wiki/Foreign_Investment_in_Real_Prop…

http://www.irs.gov/businesses/small/international/article/0,…

I’ve helped several other foreign investors purchase properties for their children to live in while attending school and would be happy to be of service to you too. Give me a call if I can help.

Happy House Hunting!!

Louise Warring
Coldwell Banker Residential Real Estate
407-924-9399
0 votes Thank Flag Link Mon Aug 8, 2011
Hi!

Taxes are typically only slightly higher for out of state residents.

It's a great time to take advantage of the Orlando Condo market.

I don't work in that area, but it looks like you've found some good agents below.

If you need international lending I have an investor that provides that.

Good Luck in your Condo Search,

Ray Levy
Coldwell Banker
0 votes Thank Flag Link Mon Aug 8, 2011
Taxes are not that much higher for non-residents of Florida this includes other states and international buyers alike.

When you sell if there is any value appreciation of the property from what was paid a portion of the gain will be taxed at the sale of the property, no appreciation no tax due.

I've help many International buyers, call or email me with any questions.

Hope this helps,

Dave Lowe, Real Estate Broker
davelowe@orlandohomestore.com
Web Reference: http://OrlandoHomeStore.com
0 votes Thank Flag Link Mon Aug 8, 2011
We welcome foreign investment here and there are no taxes that are unique to foreign investors. A witholding to pay your income tax from your sales proceed may be required, but with advance planning that can be minimized also.
0 votes Thank Flag Link Mon Aug 8, 2011
I live near 436 and 434 crossing
0 votes Thank Flag Link Mon Aug 8, 2011
No Taxes on international buyers, they pay local taxes. I am in Altamonte Springs as well. If I can help you please let me know. I work with international buyers and have a CPA firm the does international taxes.

John

352-978-4539
0 votes Thank Flag Link Mon Aug 8, 2011
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