In this episode of the Loan with Jen podcast, we are joined by attorney John Strohmeyer to discuss the Foreign Investment in Real Property Tax Act (FIRPTA). FIRPTA caters to anyone interested in the world of real estate, especially those who aren't US citizens or permanent residents but are considering buying property in the United States. John, with his extensive knowledge of FIRPTA, breaks down this complex topic into digestible pieces.

We delve into the nitty-gritty of determining tax residency, considering factors like the number of days spent in the US and tax filing status. Our discussion sheds light on the complexities of FIRPTA and its potential impact on real estate transactions involving foreign individuals. Overall, we offer a clear and insightful overview of FIRPTA and its implications for foreign property investors.

In this episode, you’ll learn:

• Who qualifies as a "foreign person" under FIRPTA
• FIRPTA has two main aspects: US income tax and withholding tax
• Responsibility of buyers when engaging in transactions with foreign sellers
• Complications that arise when foreign owners pass away with US property

Must-listen moments:

[00:01:07] Overview and significance of FIRPTA

[00:01:30] The definition of a “foreign person”

[00:03:15] Criteria for determining tax residency in the US

[00:05:28] Exceptions on work visas who are considered residents for tax purposes

[00:13:09] Potential consequences of not complying with FIRPTA regulations

John Strohmeyer: https://www.strohmeyerlaw.com/

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Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497

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▶️Why You Should Use A Local Lender: https://www.youtube.com/watch?v=shkijZmEonA ▶️How to Buy A House With Low Income: https://www.youtube.com/watch?v=OcyjWe0snWU
▶️Using Rental Income To Qualify For A Mortgage: https://www.youtube.com/watch?v=kv0eXzl1YUo

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Equal Housing Opportunity Lender NMLS# 514497

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