Our CPA Firm provides Tax & Accounting Services to US & Foreign Nationals in the Miami and Fort Lauderdale areas. We offer Tax Services to US residents doing business Overseas and to US Expatriates living abroad. We are Experienced and Responsible.Read More
Real Estate Taxation assistance for US persons and Foreign Nationals
Our Firm provides tax advice and planning, and tax preparation and filings for Corporations, LLCs and personal ownership of real property involved in real estate construction, investments, development or rental of properties.
We handle special real estate cases in short sales, foreclosures, abandonment, and bankruptcy. Did you receive a Form 1099-C, Cancellation of Debt Income or a Form 1099-A, Acquisition or Abandonment of Secured Property? If so, please contact our office for assistance.
If you borrow money from a commercial lender and the lender later cancels or forgives the debt, especially mortgages for homeowners, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.
We help clients with tax relief of their primary residence under the The Mortgage Forgiveness Debt Relief Act and Debt Cancellation. This act has been extended to 2016 and the tax exclusion even applied to 2017 to discharge claims providing written agreements were entered into 2016. There are some conditions:
· The property must have been the debtor’s primary residence;
· It must have been occupied two of the past five years;
· The borrowed funds must have been used to buy, build, or substantially improve the home; and
· The maximum amount of principal eligible for exclusion is $2 million if married, filing jointly, and $1 million, if married filing separately.
Foreign Investment in Real Property Tax Act (FIRPTA)
What is FIRPTA? View the video at the link below:
We provide consultancy to foreigners that own and dispose of US realty, as well as foreigners that own shares in a US corporation or LLC, that they are in tax compliance with the Foreign Investment in Real Property Tax Act (FIRPTA) rules.
Disposition of US Realty is subject to Withholding requirements. We assist our clients with this process to prepare and file withholding tax documents and file income tax returns to recover any taxes due a refund. See the IRS link below for further information:
There are also specific rules for foreign nationals involve in the rental real estate business through a Corporation, LLC or as an individual. Owership of real properties in a rental business or in an active operating business is important that the right structures are setup for tax purposes and as well as asset protection needs. Call us and utilize our services to let us help you set up the right structure and entities for these ventures. See the link below for details:
Global Tax Group, Inc. | 269 North University Dr. Suite B, Pembroke Pines, FL 33024 | Phone: (954) 893-1399 | Fax: (954) 337-0250 | firstname.lastname@example.org