Real estate
Tax planning, reporting and financial oversight for real estate investors, developers and property managers, from purchase to sale.
In short
MTroncone CPA supports real estate investors, developers and property managers with tax planning, reporting and financial oversight: rental income on your return, the structure that holds the property, property management support and, for foreign sellers, FIRPTA withholding and the return that settles the tax. When a property is part of an investor visa plan, we coordinate with your immigration attorney.
Who it is for
- Investors who own rental property in Florida
- Foreign owners planning to sell U.S. property
- Developers and property managers who need reliable reporting
- Buyers comparing locations and structures before investing
- Investors whose property purchase is part of an investor visa plan
What we do
- Advisory and support through your real estate process, including guidance on property location
- Property management support tailored to your investment goals
- Tax planning, reporting and financial oversight for investors, developers and property managers
- Rental income and expenses reported on your return, with records kept by property
- Entity setup and analysis for holding property, before you buy
- FIRPTA for foreign sellers: withholding certificate applications (Form 8288-B), the ITIN and the Form 1040-NR that settles the tax
- Investor visa integration: when real estate is part of a visa plan, we prepare the financial side and coordinate with your immigration attorney
How it works
Four steps, in English or Spanish.
- 01
Before you buy
We look at the numbers, the location and the structure that will hold the property.
- 02
While you own
We keep rental income and expenses organized and plan for the tax on them each year.
- 03
Before you sell
We estimate the tax and, for foreign sellers, plan the FIRPTA withholding before the closing date is set.
- 04
After the closing
We prepare the return that reports the sale and settles the tax.
What to bring
- Closing statements for purchases and sales
- Leases, rent rolls and records of rental income
- Expense records: repairs, improvements, insurance, property taxes and management fees
- Entity documents, if the property is held through an LLC or corporation
- For foreign sellers: the ITIN if you have one and the expected closing date
- Prior-year returns that reported the property
Frequently asked questions
What is FIRPTA withholding?
When a foreign person sells U.S. real property, the buyer, usually through the closing agent, must generally withhold 15% of the amount realized and send it to the IRS. The rate is lower, or zero, in some cases where the buyer will live in the home. The seller settles the actual tax on Form 1040-NR.
Can the FIRPTA withholding be reduced?
In some cases. A seller can apply for a withholding certificate on Form 8288-B when the tax expected on the sale is lower than the withholding. The IRS generally acts within 90 days after it receives a complete application, so timing matters.
Does a foreign seller need an ITIN?
The FIRPTA forms require the seller's taxpayer identification number; a foreign seller without a Social Security number uses an ITIN, requested on Form W-7. Without it, the IRS does not send the seller the stamped copy of Form 8288-A used to claim credit for the withholding.
How is rental income taxed in Florida?
Florida does not impose a personal income tax, so rental income is reported on your federal return, where related expenses such as repairs, insurance, property taxes and management fees are generally taken into account. We keep the records by property so the return is straightforward.
Can real estate be part of an investor visa plan?
It can be part of a broader plan, but whether an investment fits a visa category is a legal question for your immigration attorney. We prepare the financial documentation and coordinate with them.
Related guides
General information on the same topic, with links to the official sources.
FIRPTA withholding when a foreign seller sells Florida property
If you are not a US person and you sell a home or investment property in Florida, part of the price is withheld at closing. Here is how FIRPTA withholding works for a foreign seller and how the excess comes back.
E-2 visa business plan financials: what the accountant prepares
An E-2 case is decided under immigration law, but much of the evidence is financial. This is the part an accountant usually prepares or organizes for the immigration attorney.
Talk before the closing date
Whether you are buying, holding or selling, the tax side is easier to plan before the dates are fixed.
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