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Florida’s lack of state or local income taxes will act in our favor, minimizing potential downfalls from the proposed changes By Ross Milroy | November 17, 2017 There has been much recent discussion about how the Trump and House Republican’s proposed tax bill will affect the real estate market, what affect it will have on future home sales and the market as a whole. Miami and the state of Florida falls in a unique position different than many other states, which I will focus on in hopes of breaking down the complexities for...

By Ross Milroy  |  August 14, 2017 How times have changed since the most recent condo development cycle began in Miami around the year 2012. As developers broke ground, foreign investors were flocking to Miami to take advantage of the weak US dollar and favorable exchange rates. Investors used this advantageous financial market to park their cash with 50% deposits on pre-construction deals at the numerous condo projects being built in Miami. Now, five years later, as these buildings reach farther in the sky, the time has come for many of those...

By Ross Milroy  |  May 11, 2017 Senate Bill 1692 looks to end rampant abuses of power and corruption within our many condo boards in Miami   South Florida has been notorious for some of the most rampant abuses of power and corruption within our many condominium boards. It’s now up to Rick Scott to sign off on Senate Bill 1682 which will allow for individuals to be criminally punished for condo violations – both for the board and those engaging with it. In a mission to control the "mini dictatorships," "totalitarian regimes," as...

By Ross Milroy  |  Mar 30, 2016 All resident and non-resident owners of rental property in Miami Beach need to be aware of the following regulations imposed by the Local and State Governing authorities regarding taxation, insurance and licensing requirements. Miami Beach Rental Taxes Florida Sales Tax - If you own residential property in Florida and rent it out for periods of six months or less, you must register with the Florida Department of Revenue to collect and report sales taxes. Florida imposes a six percent (6%) sales tax on rental charges or room...

By Ross Milroy  |  Sep 5, 2015 Although foreign buyers are afforded the same rights and privileges as that of U.S. citizens and residents, there are a few mistakes that they commonly make. Mistake #1: FIRPTA - The sale, transfer, gift, or exchange of U.S. real property by a foreign national is subject to a 10 percent withholding tax of the gross purchase price of the property at closing, known as the Foreign Investors Real Property Tax Act or “FIRPTA”. This law is in place to ensure that foreign nationals pay any capital...