firpta lawyer: AGENT LIABLE FOR FIRPTA RENTS FOR FOREIGN OWNER TO PAY 30% TO THE IRS - 06/18/11 03:15 AM
 As a realtor, do you manage any rental properties where the owner is a foreign person?  If you do, are you collecting from the GROSS receipts 30% and sending that money to the IRS?  If you aren't, you very well may be PERSONALLY and PRIMARILY liable to the IRS for that money, and there is almost no statute of limitations!.  I wrote about this in an extensive article in December 2008 (FIRPTA and SHORT SALES - DANGEROUS LIABILITY TO BUYER AND CLOSING AGENT), but now the IRS is reminding real estate agents and property managers of their massive liability for their … (34 comments)

firpta lawyer: FIRPTA and SHORT SALES - DANGEROUS LIABILITY TO BUYER AND CLOSING AGENT - 12/29/08 09:33 AM
SPECIAL UPDATE - SEE SHORT SALE AND FIRPTA TAX WITHHOLDING - IRS ISSUES PRIVATE GUIDANCE
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It is critical for Realtors, Buyers, Closing Agents and Lenders to understand the important issues of the short sale when applied to the Internal Revenue Code's Foreign Investment in Real Property Tax Act of 1980 or FIRPTA transaction because disregard for following the FIRPTA rules will make the Buyer and Closing Agent and possibly the Lender liable to the IRS for the Seller's Tax Liability!!!!!  The problem is that right now there is NO RULE by the Internal Revenue Service ("IRS") for FIRPTA Short Sales.
(13 comments)

 
Richard Zaretsky, Florida Real Estate Attorney (THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY)

Richard Zaretsky

Florida Real Estate Attorney

West Palm Beach, FL

More about me…

THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY

Address: 1615 Forum Place, Suite 3A, West Palm Beach, Fl, 33401

Office: 5616896660 x 107

Mobile: (561) 329-2279

Legal true life experiences, general observations and commentaries for Realtors, Lawyers and Mortgage Brokers - also see our Palm Beach County Short Sales group blog.
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