(A): FIRPTA: The Basics for Foreign Sellers and Real Estate Agents – 2 CE
November 30 @ 10:00 am - 12:00 pm
Instructor: Steven E. Gurian
Early payment membership dues credits can be applied to this class if dues were paid prior to June 14th, 2023. This course is approved for 2 HRS of Continuing Education. Florida rules require that we monitor attendance and we can not issue credit for less than the number of approved hours. In order to receive credit for your course, please arrive on time and stay for the entire class. Sign-in and Sign-out is required for this class to receive full credit.
Florida real estate agents for foreign sellers need to understand the Foreign Investment in Real Property Act “FIRPTA”. Any real estate transaction involving a foreign national needs to trigger FIRPTA considerations. Real estate agents operating in markets with heavy foreign investment should be well-schooled in the process of recognizing FIRPTA triggers and authorizing contracts on behalf of both buyers and sellers.
Passed in 1980, FIRPTA imposes income tax on foreign persons in the disposition appreciated real property located in the United States. Such transactions include a sale or exchange, liquidation, redemption, gift, transfer, etc. When FIRPTA took effect in 1984, it exposed foreign sellers to capital gains tax on appreciated real property. Today, in states like Florida, FIRPTA transactions are common.
When dealing with a property transaction involving a foreign national, FIRPTA is the first thing real estate professionals and investors need to consider.
How does FIRPTA affect a transaction? This presentation will cover things you must know:
•Who is subject to FIRPTA?
•The withholding requirement – the general rule
•Exceptions to the general rule – how to avoid FIRPTA
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