'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.