what are the procedures if a canadian citizens inherits a property in florida,any taxes to pay etc?

Asked by Elisagiambattista, New York, NY Wed Nov 21, 2012

incase the owner passes away and the children inherit the property in florida which has no mortgage....

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Stevens & Ma…, Agent, Centerville, MA
Tue Jan 15, 2013
Great response! Hear your real estate market is busy.
1 vote
Stefanie Coh…, Agent, Weston, FL
Wed Nov 21, 2012
I suggest that you consult a tax attorney who handles foreign clients. There are certain taxes that may apply if you are not a US citizen.

Best of luck!
Stefanie Cohen, PA, ABR, SFR
Prudential Florida Realty
0 votes
John Bourassa, Home Buyer, Fort Lauderdale, FL
Wed Nov 21, 2012
That's a loaded question.

The estate will have to pay whatever taxes that will apply to the transfer of ownership and you (assuming you are the Canadian who will inherit that property ) may have to pay some inheritance taxes plus some legal fees to handle the transfer of the property to you.

However, when you are ready to sell that inherited property later on, you will have to pay a FIRPTA tax (Foreign Invesent Residential Property Tax Assessment).

That's why you must hire a tax attorney or an attorney who specialises in International. Real estate transactions.
0 votes
Lynne Hale, Agent, Fort Lauderdale, FL
Wed Nov 21, 2012
Hi Elisa:
Congratulations on your inheritance. The only taxes that you would have to pay are the property taxes that are due at the end of each year. As long as you have that bill, you can pay it in November or as late as March of the next year. If you need help locating that bill, please let me know.
When you go to sell the unit (if ever) there would be 10% of the sale price held in escrow for one year to ensure that the property taxes are paid, and then it is returned to you.
I wish you well with your gift and would be happy to assist you with any questions, rental options, etc.
Happy Thanksgiving to you and your family,
Kind Regards,
Lynne Hale,
Century 21 Hansen
0 votes
Michael Diam…, Agent, Fort Lauderdale, FL
Wed Nov 21, 2012
You would be responsible for county tax each year. You may want to consult a tax adviser regarding estate taxes and the value of the property.
0 votes
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