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CONTACT US

Cell:678-907-7034
Ph:678-534-2718
Fax:678-935-0963
skype:homeexpogallery homeexpogallery
west.adriana@gmail.com
Keller Williams First Atlanta
200 Glenridge Point Pkwy
Suite 100
Atlanta, GA 30342
9866
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Adriana West (Keller Williams First Atlanta): Real Estate Agent in Roswell, GA
Minority Business Enterprise Certified

Taxes

All properties are subject to state, county, and local income taxes.  The property tax amount is part of the public record and disclosed on the listing for any property.  The assessment on which this tax is based may be officially challenged if the owner has evidence that the assessment is substantially wrong.  Depending on the locality, taxes are due either once or twice a year.  Many mortgage companies allow (some even require) the establishment of an “escrow” account to collect a pro-rata share of the annual costs, then they pay the annual bill for the owner when due.  If there is no mortgage, or the buyer does not wish to establish an escrow account, the buyer must pay those bills when due.

Federal Income and Capital Gains Tax:

If you are a Resident Alien, you are taxed on worldwide income, but credits are allowed for foreign taxes paid.  Non-resident aliens are taxed only on USA sourced income.  “Resident/non-resident” is defined differently for immigration and tax purposes, and there may be country-specific tax treaties that affect your situation.  The capital gain on the sale of US Real Estate is taxable regardless of residency/citizenship status.

A 30% withholding tax is required on all investment-type income earned by a non-resident unless the tax-withholding rate is affected by a tax treaty.

Foreign Investment in Real Property Tax Act (FIRPTA) is a mechanism for ensuring the withholding of tax on non-resident real estate transactions.  In brief: FIRPTA states that if a US Real Property is purchased from a foreign person/entity, the buyer or a withholding agent must withhold 10% of the purchase prise and remit it to the IRS within 20 days of the transaction.

1031 Tax Deferred Exchanges of Real Estate

“1031″ refers to a section of the IRS tax law that covers capital gains on US Real Estate by investors. Please refer to the “1031 Made Simple” page in the menu above.