'FIRPTA' tax could surprise would-be home buyers in already tough market
IRS requirement looms larger as foreign investors acquire residential property in the U.S., could drive hopeful homeowners away.
Author: Jeff Valin
Updated: 11:43 PM EDT May 3, 2021
JACKSONVILLE, Fla. — “Caveat emptor.”
The classic Latin phrase “buyer beware” is made for times like this, as real estate markets from the First Coast to the west coast resemble a piranha tank: Put a house on the market and watch the feeding frenzy.
Unless laden with cash, would-be homeowners are being squeezed out by deep-pocketed investors. Perhaps more than ever, those investors include foreign individuals, corporations, and even governments.