Real Estate

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Is There a New 3.8% Sales Tax on Real Estate?

We were asked:

I am trying to find out if it is true that homeowners selling after Jan 1 2013 will have to pay a 3.8% sales tax on their sale. I have asked a couple of realtors but on one can give me an answer. I get emails all the time claiming that this is a part of Obamacare in order to pay for it.

We get this question all the time. There was an extremely popular email that claimed such, and the idea gained new life as 2013 rolled around.

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New Florida Reporting Requirements for Employees and Contractors

As of October 1, 2021, Florida businesses are required to inform the state of all new or rehired employees, and independent contractors paid more than $600.00. While previously small businesses were exempt from reporting their employees, the law was expanded under Florida Statute § 409.2576.

Now, small businesses need to report such hires and contractors to State Directory of New Hires within 20 days. The law’s intention is to enhance enforcement of child support payments; however, the law establishes that the State may share information with the following state programs:

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Sarasota's Real Estate Market & The Tax Benefits of Home Ownership

Buying a home is the single most valuable investment many families make, and home ownership offers tax breaks that make it the foundation for your overall tax planning. The gulf coast of Florida's real estate market (specifically Sarasota's, Bradenton's, North Port's, & Venice's markets) was hit hard with some strong correction after the bubble. As a CPA Firm in Sarasota, Florida, we have been helping our clients deal with the effects, but also have seen improvements as home values have increased.

If you are undecided as to a purchase or sale, it is important to know that the tax law provides numerous incentives to home ownership, including the following:

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Tax Benefits of Cost Segregation

Business and individual taxpayers that acquire nonresidential real property or residential rental property have an opportunity to reduce the depreciable lives on assets which are building components. Certain assets may qualify for shorter lives and recovery periods under MACRS depreciation. The reduction of the asset lives provides accelerated deductions to offset income.

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Real Estate

Is There a New 3.8% Sales Tax on Real Estate?

New Florida Reporting Requirements for Employees and Contractors

Sarasota's Real Estate Market & The Tax Benefits of Home Ownership

Tax Benefits of Cost Segregation

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