Q: My buyer is a non-resident foreigner who has a current home in Florida. He wants to sell his home and buy a condo in a different part of Florida.
1) Does he need to pay taxes on any gain from the sale
2) If he buys different real estate, is that counted towards the tax liability?
3) If yes to 2) Does the sale/purchase have to be in the same calendar year?
Thanks!
?Gil, Hollywood, FL
A: These questions are directed towards a CPA or a Tax Professional in the State of Florida. If it was in California, I would be happy to help you answer them.
Marta Schrimpf is a Realtor? with Willis Allen Realtors in La Jolla, CA.
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