I am a foreighn national and own a house in Florida. If i want to sell it does the state hold money back and how much.

Asked by Gmacpherson, Bird Key, Sarasota, FL Fri Feb 12, 2010

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Sara Leicht, Agent, Sarasota, FL
Sat Feb 13, 2010
Dear MacPherson,

I agree with all the information you were given above. Please keep in mind, as a foreign national, this procedure is standard. What you may want to think about ,especially in a market like this, is how best my home will be positioned and seen globally. I would be delighted to have the opportunity to discuss this with you. In the meantime, here is a link to my web site http://www.sarasellssarasota.com/
You will notice how easy Buyers can find resourceful information and properties for sale in specific neighborhoods. I look forward to talking with you.


0 votes
Randy Schwei…, , Sarasota, FL
Fri Feb 12, 2010
Hello Mr. Macpherson,
Perhaps we have met since I was on the BKIA Board for years and lived there for 9 years. If you are here now, I would suggest meeting, so I could provide you with a detailed copy of FIRPTA which in most cases does require withholding 10% which is focused on capital gains. I assume you have owned for years and might have a gain. Please click on http://www.irs.gov/businesses/small/international/article/0,… or google http://www.irs.gov for the details.

I am acquainted with a couple of local CPA's and attorneys who are well-versed on this topic. As a realtor, I cannot provide any opinions outside of r.e.; however, I have worked with a number of foreign nationals and have f.n. friends here on Bird Key and in Sarasota who have set up US businesses or participated in LLC's to protect their investments. And the number of foreign nationals purchasing here has increased in the last year with SRQ County having the largest # of foreign buyers and highest $ in all Florida counties.

Should you be pondering selling or just curious about the value of your home, I would also suggest a Market Value Report to determine a realistic value in today's market . I would be happy to invest the necessary time to provide you with an extensive list of active and sold properties on BK should you be interested. Demand is way up for good BK homes and there are only 32 homes currently on the market vs and average of 45-55 in the past few years.

One cannot match the location and convenience in a beautiful, deed-restricted community. I have experienced over 35 showings on one of my listings there and have been impressed with the interest for BK. You are fortunate to have lived there.

If I can answer any questions, please send me an email or give me a call.

Randy Schweitzer
Coldwell Banker
100 N. Tamiami Trail
Sarasota,FL 34236
0 votes
Lindsay Buck…, Agent, Sarasota, FL
Fri Feb 12, 2010
Dear Mr Mcpherson

I am an english realtor here - living on Siesta Key for the past 10 years. I work with a local top law firm who have an expert specializing in this very topic and have just closed a sale for a foreign national. You need to work with a professional firm as I have mentioned above and this will ensure a smooth closing for you, and the funds got back to you very quickly.
I would be delighted to help you sell your home and am the representative for Savills in London - and I am sure you will know their name. I look after all their British clients coming over to buy here, and right now with the terrible weather in the UK, there is a steady stream.
Please contact me at your convenience.
Kind regards
Lindsay Bucknell
RSVP Associates Inc
941-302 7943 (cell)
941-752 6911
0 votes
David White, , Sarasota, FL
Fri Feb 12, 2010
Good day,
You've been given some very good advice regarding FIRPTA tax implications concerning the possible sale of your Bird Key home. Consult with a reputable tax consulant, CPA or Tax Attorney to have all in the informaton at your disposal so there are no surprises.

Make it a great day!

David G. White / Realtor Associate (SFR) Short Sale & Foreclosure Resource Certified
Coldwell Banker Real Estate Inc.
6260 N Lockwood Ridge Road
Sarasota, Florida 34243
Business: (941) 351-4444 / Toll Free (888) 287-6325
Home Office: (941) 756-0821 / Mobile: (954) 815-1646
0 votes
Sandra Appig…, , Sarasota, FL
Fri Feb 12, 2010
Please consult a tax attorney or licensed accounting professional regarding this matter. You will be obligated by FIRPTA rules to have some taxes withheld.

Sandra Appignani Waterman, Realtor
Default Certified Professional
Coldwell Banker Residential Real Estate
0 votes
Patty Stewart, Agent, Venice, FL
Fri Feb 12, 2010
Yes, and it's all in the details. Make sure you hire a knowledgeable Realtor to work with on listing your home.
Here at Michael Saunders & Company we have the experience and expertise in this area. Of course, make sure your tax accountant is also involved.
0 votes
David B. Lev…, , Longboat Key, FL
Fri Feb 12, 2010
FIRPTA wouid be involved. Please consult your accountant.. In a nut shell 10% of the sales price of the home with be withheld at closing, but you should be able to get most if not all of this back in about 2-4 months as long as you file proper paper work and all. Also, this is for homes sold above 300,000 and also if new owners will be living in this home this will help vs. the new owners being investors. Long storuy but this is it in a nut shell. would be more than happy to sitb down and discuss your issues and if you need someone to list your home let me know i work the area
0 votes
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