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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1607
Experience:  Certified Public Accountant
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Please let me know if you need me to send a link to the previous questions as this is related. In regards ***** ***** Is the 10% (15% after February) taken from the total sale price or just my equity/profit? So if I sold for 300k and my mortgage is 180 would I have $45k withholding or $18k?
Submitted: 3 months ago.
Category: Tax
Expert:  attyadvisor replied 3 months ago.

Welcome and thank you for your question. I will be the professional that will be assisting you.

Expert:  attyadvisor replied 3 months ago.

Let me send you to the tax category. Thank you.

Expert:  Mark Taylor replied 3 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.

Expert:  Mark Taylor replied 3 months ago.

If you sold the home the FIRPTA withholding would be 15% of the sales price or $45,000. You would need to complete a tax return to receive a refund of this withholding.

Expert:  Mark Taylor replied 3 months ago.

If the house is sold for $300,000 or less there would not be any withholding. If it is above $300,000 then the 15% FIRPTA withholding is required.

Expert:  Mark Taylor replied 3 months ago.

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