Have you considered tax implications of buying and selling your agency? This is a perfect time of year to address this issue! Join Jon Persky of Optimum Performance Solutions as he discusses the ins and outs of a business transaction.
Learn about the:
-Difference between an asset purchase and a stock purchase and how it affects taxes
-Implications of converting from a C corp to an S corp
-Capital Gains tax rates
-Election of an installment sale and how it affects taxes
-Implications of the allocation of the sales price
NOTE: Potential borrowers are responsible for completing their own due diligence on acquisitions. California residents: Loans made pursuant to a Department of Corporations California Finance Lenders License. The materials in this paper and presented during this and all webinars are for informational purposes only. They are not offered as and do not constitute an offer for a loan, professional or legal advice or legal opinion and should not be used as a substitute for obtaining professional or legal advice. The use of this paper, including sending an email, voice mail or any other communication to Oak Street, does not create a relationship of any kind between you and Oak Street.
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Many foreign national buyers and sellers will ask us “What are the tax implications for a foreigner buying or selling real estate in the United States”? First, let’s establish that a foreign national is a person who is neither a citizen or a legal resident of the U.S.
For a foreign buyer, purchasing real estate does not carry any special regulations. In the case when a foreign buyer begins to collect rental income on a property they own, the foreign national will be required to file a 1040NR tax return declaring the income and expenses and paying any applicable income tax. Foreign nationals selling US real estate do face special tax implications and are subject to the Foreign Investment in Real Property Tax Act also known as FIRPTA. FIRPTA was enacted in 1980 and provides that if the seller of real property is a foreign person or corporation, the Buyer must withhold a tax equal to 10% of the gross purchase price, unless an exemption applies. Properties under 0,000 may be exempt from FIRPTA if certain conditions are met. Contact info@theclosingcompany.net or 305-271-0100 x 701 for more information
