Tamara

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I am a Canadian citizen. I purchased a condo in 2003 and have been living in it full time since then. I have

Asked Sat Apr 19 2008, 07:30 by Tamara - Florida - Home Selling - 11 answers
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I am a Canadian citizen. I purchased a condo in 2003 and have been living in it full time since then. I have

Asked Sat Apr 19 2008, 07:30 by Tamara - Florida - Home Selling - 11 answers

Tamara answered:

Hi Paula,

Just wanted to let you know that I've read the IRS publication 519 as you suggested and both my husband and I are clearly resident aliens under their "substantial presence test".

I was also reading up about firpta and the IRS states that it is for a house valued at more than $300,000 which mine is not anywhere near.

When I receive the name and number of your contact I'll call to confirm that my worse fears have been put to bed.

I truly appreciate the time you donated in responding to me.

Sincerely,

Tamara - Tue Apr 22 2008, 19:10

Hi Paula, you can contact me at enigme33319@netzero.net

Thanks! - Mon Apr 21 2008, 08:02

Hi Paula,

Yes the 10% is important given that I want to purchase a house with the proceeds of the sale and will need the money. Basically, I just want to do what I did the last time, sell one place to buy another. - Sun Apr 20 2008, 15:05

Thanks everyone for answering and Paula I am very interested in what your friend at the Title Company will say, especially in terms of what I could expect at closing. My confusion about all this comes from the fact that this is actually my second Florida condo I would like to sell. When I sold the first one in 2003, the Title Company never asked if I was a US Citizen or nothing except if I had lived in the Condo for at least 5 years, which I had, and if I was using the money to purchase a new primary residence, which I was, so the Title Company never withheld anything. I was working through my S corp at the time and did tax returns but I'm pretty much retired now so I haven't had any income to report lately. Is this a new law the 10% withholding or am I missing something? - Sat Apr 19 2008, 21:18

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