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All Posts Tagged Tag: ‘real estate’

Applying for the Florida Homestead Exemption Can Trigger U.S. Tax Residency

Florida Homeowners have until March 1 to apply for the Homestead Exemption on Form DR-501 to exempt about $75,000 of the value of their home from property taxes. However, recent immigrants or “temporary” residents with assets outside the U.S. should carefully weigh their options before applying.

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The Truth About 1031 Exchanges

A 1031 Exchange is a method by which a property owner “trades” one property (“relinquished property”) for another of equal or greater value (“replacement property”) without having to pay any taxes on the transaction. In an ordinary sale transaction, the property owner is taxed on any gain realized by the sale of the property.

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Reducing Taxation for Foreigners Investing in U.S. Real Property

Now is perhaps a better time than ever to invest in U.S. real estate for both income and long-term appreciation. However, as can be expected, the U.S. seeks to tax the appreciation on these properties when they are sold and tax their value when transferred by gift or upon death. This tax burden falls heavier on foreigners, because foreigners don’t enjoy certain credits and deductions reserved to U.S. persons.

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Major Points to Consider in a Commercial Lease: Landlord’s Perspective

From the landlord’s perspective, a tightly drafted lease can mean the difference between breaking even on a problem tenant or being forced to throw good money after bad just to force the tenant to vacate the premises and start from scratch. Lease provisions can be carefully crafted to avoid this situation and put the landlord in a superior position without being so unreasonable as to be unenforceable.

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Adding Trusted Persons to Bank Accounts

Adding trusted persons to bank accounts and property titles with rights of survivorship often does not result in an easy ownership transfer upon death, due to the risks of increased taxation, disinheritance, litigation and other problems relating to the joint owner’s illness, untimely death, divorce, debt or poor judgment. A good trust will achieve the same objectives while avoiding virtually […]

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Florida Assets Held Jointly by a Husband & Wife…

Florida assets held jointly by a husband and wife as tenants by the entireties are normally protected from a judgment against only one spouse, at least for as long as the marriage. Keeping the asset in FL is important, because not all states have this protection… Recommend on Facebook Share on Linkedin Tweet about it Subscribe to the comments on […]

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Holding Title to Assets as Joint Owners…

Holding title to assets as joint owners with rights of survivorship might avoid probate but, among a host of problems it could create, the property could still be tied up in a guardianship if one of the owners becomes incapacitated. Recommend on Facebook Share on Linkedin Tweet about it Subscribe to the comments on this post

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Wall Street Journal Reports Florida Deficiency Judgments on the Rise

As the pipeline of defaulted mortgages work their way through the short sale or foreclosure processes, there has been increased speculation as to whether lenders will eventually enforce their legal right to collect the full amount of the debt. This is because even after a short sale or a foreclosure, the borrower can still be on the hook for the […]

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