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I am a UK citizen spending some time in the US, principally…

I am a UK citizen...
I am a UK citizen spending some time in the US, principally Florida.
Am I allowed to buy & sell property by myself, e.g. finding bank-owned properties & selling them on either to investors or people who wish to live in them?Are there any restrictions on me doing this please? E.g. do I need a real-estate license in either case?Thank you for your input.
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Answered in 2 hours by:
3/19/2018
Lori
Lori, Lawyer
Category: FL Real Estate
Satisfied Customers: 2,402
Experience: FL real estate attorney with over 25 years experience
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Hello. Let me see if I can assist. Give me a moment to review and type my reply.

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If you are buying the properties for yourself or your company, then you do not need a license to buy and sell the properties. However, if you wish to assist others (homeowners or investors) to purchase and sell property - they you will need to be a licensed real estate agent in the state of Florida. Real estate agents are a highly regulated industry in the state of FL.

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Customer reply replied 5 months ago
Hi Lori, Thank you for the prompt response.
Yes - it would be me buying the properties for myself or my company & then me or my company selling them.
So, sounds as though that is OK?Secondary question please: as income from property or real estate is deemed passive income in the US (IRS tax 'manual' I believe), then this could be done while on vacation?Thank you.

Yes, if you are doing it for yourself or your company -- that is ok. Basically you can buy and sell property without a realtor for yourself.

Yes, if you generate income (for example, rental income) from the property - that is deemed passive income according to the IRS. Passive income can be earned anytime and anywhere.

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Customer reply replied 5 months ago
Thanks for that Lori.Final question please ;-)
Is capital gain (surplus of sales price & costs over purchase price & costs in this instance) also treated as passive income in the eyes of the IRS?
Many thanks.

No, it is not. be sure to keep track of all improvements to the properties before sale -- they will increase your cost basis in the properties.

Lori
Lori, Lawyer
Category: FL Real Estate
Satisfied Customers: 2,402
Experience: FL real estate attorney with over 25 years experience
Verified
Lori and 87 other FL Real Estate Specialists are ready to help you
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Customer reply replied 5 months ago
Ok. Thank you very much for your help.
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