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Posted on Friday, December 6th, 2019
Number One Thing All Sellers Should Know for Closing
Tax Liabilities – While finally selling your home is a great feeling, you must also take into account any tax liabilities that may come up at closing. Two types of taxes that may apply are FIRPTA and capital gains tax. FIRPTA is a tax that all foreign nationals must pay at closing. This tax is up to 15% of the sales price. The tax liability may be less if the seller applies for a withholding certificate, but they must contact their CPA to determine the best way to proceed. Capital gains tax may apply if your house is sold within a certain number of years after you purchase it. It is best to consult your CPA to see when the best time is to sell your home or if you should wait a little longer to make sure your tax liability is at a minimum.
Contact the Orlando Real Estate Attorneys at Nishad Khan, P.L. for all your questions and answers regarding real estate closings in Florida.