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Posts Tagged ‘foreign’

FIRTA, what is it? Las Vegas Inventory

Wednesday, February 8th, 2017

Hi all,

Here’s what I see happening in the Las Vegas housing market, grant you this is my opinion formed from selling Real Estate full-time in the Vegas Valley for over 16 years.

Things are kinda sideways and a few people are scrathing their heads saying hey what’s going on with the FIRTA clause when buying and selling in Vegas.  First of all, like any industry there tends to be trends.  You know a flow, prices go up then they drop. Well, I’ve seen something escalating and that is sellers selling their property with the FIRTA clause.  What is FIRTA?  Foreign Investment in Real Property Tax.

FIRTA is the disposition of a United States  Real property interest by a foreign person (the transferor) is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding. FIRPTA authorized the United States to tax foreign persons on dispositions of U.S. real property interests.

A disposition means “disposition” for any purpose of the Internal Revenue Code.  The meaning of disposition is similar to the action of distributing or transferring property or money to someone, in particular which may include but is not limited to a sale or exchange, liquidation, redemption, gift, transfers,.  So buyers purchasing United States real property interests (transferees) from foreign persons, certain purchasers’ agents, and settlement officers are required to withhold 15% (10% for dispositions before February 17, 2016) of the amount realized on the disposition (special rules for foreign corporations).

In a majority of cases: the transferee/buyer is the withholding agent. If you are the transferee/buyer you must find out if the transferor is a foreign person. If the transferor is a foreign person/persons and you fail to withhold, you may be held liable for the tax. For cases in which a United States  business entity such as a corporation or partnership disposes of a United States real property interest, the business entity itself is the withholding agent.  I know this gets a little bit confusing and or complicated.

Here in Las Vegas it’s handled through the title company.  Thank goodness they are on top of the changing Las Vegas market.

FIRTA in Las Vegas is on the rise.  I am guessing it is throughout the U.S.  I have had several buyers buy from FIRTA sellers.  The buyer in most cases is required to sign a form stating they will live in the home for 2 years.

This means a big deal when it comes to investors purchasing properties.  Cause in my understanding , they can’t buy these properties.  So, they are limited to what’s  out there for sale that aren’t FIRTA sales and our INVENTORY is so Low.  How low can it go?.

Just another learning curve for the general public and everyone involved in the Housing market knowledge department.

Enjoy your day and life,  it’s the only one we get here.  Dance, sing and have fun.

Penny O’Brien

RE/MAX Excellence 702.321.9383

 

Are there Aliens in Las Vegas, NV? Area 51

Monday, January 16th, 2017

Hi there everyone,

So many people assume that Aliens do exist in Las Vegas.  I tend to agree because of noticing the stuff behind the scenes.  It’s not difficult to see, you just have to be open to it.

Here’s a few alien meanings:

  1. Belonging to a foreign country or nation.
  2. Exotic, Foreign, acting like the role of an alien to his nature.
  3. A foreigner, especially one who is not a naturalized citizen of the country where they are living, “an illegal alien.
  4. A plant or animal species introduced from another country and later natural.

I’ve seen all of the above.  This Town has all kinds of people and or aliens walking around and living in Sunny Las Vegas.

Area 51 is only a few miles from Las Vegas, You can’t get too close to it but you can go and enjoy the experience of the trip out there and the restaurants and shops that are there for the believers of Aliens.

Are you looking to buy or sell a home or homes in Las Vegas or the surrounding areas.  if so, give me a text or call @
702.321.9383.  Email: GoWithPenny@yahoo.com

Penny O'Brien
Las Vegas | Henderson | Summerlin Realtor/Real Estate Agent


Cell:  702.321.9383
Email: lasvegasniceliving@yahoo.com

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