Posted on: 14th Dec, 2009 05:45 pm
hi there,
i have a maybe unique situation that i am seeking advise on.
my trustee purchased a property in the us (florida) on my behalf with funds transferred to him from my account overseas. this was done because i was not able to be present at the time of closing and this was advised by the agent.
the property was subsequently transferred over to me vioa a quit claim deed 3 months later.
now i am wondering what the tax implications are for us both due to this quit claim deed.
thanks
i have a maybe unique situation that i am seeking advise on.
my trustee purchased a property in the us (florida) on my behalf with funds transferred to him from my account overseas. this was done because i was not able to be present at the time of closing and this was advised by the agent.
the property was subsequently transferred over to me vioa a quit claim deed 3 months later.
now i am wondering what the tax implications are for us both due to this quit claim deed.
thanks
Neither party above are resident of the USA.
i was expecting to see a post from charlton heston about guns being mandated by the second amendment.
what tax liability are you concerned with? conveyance tax? real estate tax? income tax? i suspect you ought to be speaking with an expert in the laws concerning foreign nationals.
what tax liability are you concerned with? conveyance tax? real estate tax? income tax? i suspect you ought to be speaking with an expert in the laws concerning foreign nationals.
real estate tax & income tax really.
NOt sure what a conveyance tax is............
NOt sure what a conveyance tax is............
well real estate taxes are appropriate to the property and allow the municipality in which the property is located to maintain law and order, plow streets, make firefighters available to the public...so yes, you'll have to pay real estate taxes, aka property taxes.
as for income tax, the only ramification there is that an owner (in the us) who pays taxes to the town/city, etc. can then use those taxes as a deduction in what is paid to the federal government (irs). in this case, you wouldn't be paying income taxes, presumably, so no need to be concerned with income taxes re: the property.
conveyance tax is typically paid for by a seller...a percentage of the purchase price paid to the state coffers, to help the state inch closer to a balanced budget (ha).
as for income tax, the only ramification there is that an owner (in the us) who pays taxes to the town/city, etc. can then use those taxes as a deduction in what is paid to the federal government (irs). in this case, you wouldn't be paying income taxes, presumably, so no need to be concerned with income taxes re: the property.
conveyance tax is typically paid for by a seller...a percentage of the purchase price paid to the state coffers, to help the state inch closer to a balanced budget (ha).