Selling real estate in this precarious market can be quite a task in and of itself. When the dust clears, sellers often are left to navigate through a maze of issues, not sure what to expect next. Many sellers have no idea what tax forms to expect from the lender, so they have no way of knowing if they received them.
Two forms in particular, the 1099-A and 1099-C, create much of the confusion for sellers, their lawyers and their financial advisors.
We are a full service commercial real estate law firm that can assist you with a wide range of real estate matters from the purchase of raw land to the sale of a developed property and everything in between. We can help you take your project from start to finish.
Documentary Stamp Taxes are assessed on documents that transfer interest in Florida real property, such as warranty deeds and quit claim deeds. Additional taxes are charged for fuels, tobacco products, communications services, and more. For a full of account of taxes charged in Florida, see the Florida Department of Revenue website.
FIRPTA (Foreign Investment in Real Property Tax Act) Withholding is the Withholding of Tax on Dispositions of United States Real Property Interests. FIRPTA applies to foreign people who intend to sell a real property located in the U.S. Here’s everything you need to know about FIRPTA, as a realtor, seller, or buyer.
Lease Option or Lease Purchase Agreements, commonly referred to as “Lease-to-Own” Agreements are mistakenly used interchangeably, although they are vastly different.
At Koontz & Associates, we are committed to helping real estate professionals do two things:
This guide will explain what type of business entity real estate professions should create, how to report to the IRS, and why you should do it this way.
Real estate: it’s one of the most significant investments you’ll ever make. Because of this, you can’t afford to walk into the process blind or to rely on legal advice that doesn’t have your best interests at heart. Here at Koontz & Associates, our team prides itself on offering intelligent, common-sense residential real estate law advice to clients for years. An experienced residential real estate law firm, we’re here to guide you toward the best possible outcomes for your real estate foray.
FIRPTA stands for Foreign Investment in Real Property Tax Act and it is the Federal law governing the taxation & withholding by foreign persons selling US real estate.