Serbinski Accounting Firms

Thank you Nelsona!

I have an update for anyone else following this post. I confirmed a few things with the lawyer I hired in Florida to handle the paperwork for the sale. The lawyer has a lot of experience with these types of transactions because of all the snow birds in his area. He confirmed that if the buyer signs ...

Hi Nelsona and ND, I just sold the property with a closing date of September 30th and have a couple quick questions. The owner will be using the property as their principal residence and agreed to sign the affidavit so I can avoid the FIRPTA requirements. I agreed to a 2 year interest only mortgage ...

Thanks ND. Not sure what you mean my non-recognition. I'm guessing my scenario #1 must be incorrect then? Is 8288-B still required in scenario #1 as well? For scenario #2, seems to me as long as I submit form 8288-B I should be ok. IRS will exempt the withholding completely, buyer's lawyer would hol...

Yeah if it was me I don't think I would sign it either. In my case the house has long been paid for, so I guess it's not a big deal if the buyer withholds the 15%, I will get it all back in April anyway. Or I could just complete the 8288-B form, it doesn't seem too difficult. Anyone have any experie...

Thank you very much for the detailed response ND. I think I get it now. There are basically two possible outcomes here. Scenario 1) If the buyer meets the exception and agrees to sign the residential use affidavit, no withholding or submission of forms to the IRS of any kind is required on my end OR...

Thanks so much! Do you know if form 8288 or 8288-A are also required by me or the buyer? Any idea how long it generally takes the IRS to process form 8288-B? If it takes too long, will the buyer’s lawyer just take the 15% from the buyer and hold it in escrow for me until I receive the certificate?

Hello all, I’m a single Canadian resident and Canadian citizen with a small vacation home in Florida worth about $50K. I never rented the property and have no US income of any kind. I’m giving strong consideration to selling the property and would like to confirm a few things. Based on my own re...