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My question is related a purchase of a condo in South

Florida. I am a legal...
My question is related a purchase of a condo in South Florida. I am a legal permanent resident in Florida and I'm in the process of buying a property. the seller is a foreign person and I've been sent a FIRPTA form to be signed by me saying I plan to reside in the property for at least 50% of the time in the 1st two years. the sale value is less than 300,000. I want to know if I might be able to sell this property in the next two years if I sign this agreement without having to pay the Withholding Tax
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Answered in 1 hour by:
3/8/2018
Lori
Lori, Lawyer
Category: FL Real Estate
Satisfied Customers: 2,108
Experience: FL real estate attorney with over 25 years experience
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The intent of FIRPTA and the affidavit to exempt the transaction out of a withholding tax is that you sign an affidavit that you as the buyer INTEND to occupy the property as your residence for at least 50% of the number of days the property is used by any person during each of the first two 12-month periods following the date of purchase. There may be some exceptional circumstances that preclude you from residing the full 2 years (for example, foreclosure). The test is your intent to occupy not your actual occupancy.

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Customer reply replied 4 months ago
Hi Lori, can I ask how do you show intent? for example,we move to the property and in 3 months we get a good offer on it, can we sell it without paying withholding tax? what are the exceptional circumstances?

The IRS is not going to consider that an exceptional circumstance. Bankruptcy would be an exceptional circumstance. If you think the property is "hot" and you will be able to flip it right away, why risk the waiver of FIRPTA exception and tax exposure to you. You can withhold the FIRPTA amount from the sales proceeds due to the seller.

Otherwise, if you sell early, the IRS may seek the withholding tax, plus interest on that amount, from you.

Lori
Lori, Lawyer
Category: FL Real Estate
Satisfied Customers: 2,108
Experience: FL real estate attorney with over 25 years experience
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