Orlando Florida Restaurant Guide | Buba Gump Shrimp Co.

There are some general rules that if you follow when making a decision to buy or sell Real Estate in the Orlando Florida that you use to ensure that you make a sound decision.

There are some general rules that if you follow when making a decision to buy or sell Real Estate in the Orlando Florida that you use to ensure that you make a sound decision. 

These are things to think about when you are trying to decide if now is a good time to purchase an Orlando Florida home or sell your Orlando Florida home:

We understand that you want your home to net the highest amount but sometimes you need to look at what is really going on in the market.  That amount in your head is just that.  Look at what has sold recently and what is on the market.  Make sure that you are the best property in the bottom 25% of those listed. 

Seller’s tend to be 6 months behind what is going on in the market.  So make sure that you always look at where the Orlando Florida market is headed, not where it has been.  

Been on the market for 3 months with no activity?  Our best advice ~ Cut your asking price and get your Orlando Florida home SOLD!

 It doesn’t matter if you are buying or selling Real Estate in the Orlando Florida area, make sure that you plan for the worst case scenario.  Can you afford it? Are you stretching beyond your means? 

Buyers afraid of purchasing before the market "hits bottom"?  Well think about the possibility that you could end up having to purchase less of a house because interest rates go up when you perceive that the market has hit the bottom.

Some of the most frequently asked questions by U.S. Nonresident Aliens buying rental homes in Florida.

This list was presented at the Greater Orlando Board of Realtors International Council meeting by by Mia Ferrel of Chastang, Ferrell, Sims and Eiserman LLC.  Certified Public Accountants and Consultants.  Mia has office space in our office building at 215 Celebration Place, Celebration Florida.

Two annual forms are required to be filed on your behalf.  The first , Form 1030NR, U.S. Nonresident Alien Income Tax Return, is the form on which all income and deductions related to your rental property will be reported.  By filing Form 1040NR, you are electing to have income from your rental property deemed to be connected with a U.S. trade or business.  The second, Form W-8ECI, Certificate of Foreign Person’s Claim for Exemption from Withholding of Income Effectively Connected with Conduct of a Trade or Business in the United States, exempts you from withholding of United States income tax through the net basis election.  Without this form, taxes would be withheld based on 30% of Gross rents and no deductions would be allowed.

You may be subject to other filing requirements as follows:

a.  Real property taxes are calculated by the county tax authorities.  Values are assessed annually and the assessment notice will be sent to you (or your mortgage holder if you deposit your taxes monthly with them) in November.  You or your mortgage holder must then return the notice with payment.

b.  If you purchase a house that contains furniture or other personal property that is not attached to the house, Form DR-405, Tangible Personal Property Tax Return, will need to be filed annually on your behalf.  The return, detailing any personal property contained in the rental house, is filed with the county in which your property is located.

c.  If you rent your property for periods less than six months you will be required to collect and pay sales tax to the State of Florida, Dept. of Revenue, on transient rentals.  In addition to the applicable six percent sales tax (seven on properties located in Osceola County), a tourist development tax (four percent on properties located in Polk county and five percent on properties located in Orange and Osceola County) must also be collected and paid monthly to the county in which your property is located.  Please note the sales tax and tourist development tax must be collected on all rental income properties located in Florida regardless of where the rent is collected.  Rental periods longer than six months are not subject to these taxes.

For 2006, if you are single, your first $7,550 of taxable income will be taxed at 10%.  Income over $7,551 and up to $30,650 will be taxed at 15%.  Income over $30,651 and up to $74,200 will be taxed at 25%.  Income over $74,201 and up to $154,800 will be taxed at 28%.  Income over $154,801 and up to $336,550 will be taxed at 33%.  Income over $336,551 will be taxed at 35%

If you are married, your first $7,550 of taxable income will be taxed at 10%.  Income over $7,551 and up to $30,650 will be taxed at 15%.  Income over $30,651 and $61,850 will be taxed at 25%.  Income over $61,851 and $94,225 will be taxed at 28%.  Income over $94,226 and $168,275 will be taxed at 33%.  Income over $168,276 and higher will be taxed at 35%.

Due to depreciation, mortgage interest and other operating deductions (as explained below), your rental property will probably generate a tax loss while being rented.  These losses are accumulated on Form 1040NR and carried froward to reduce future income or gain from the sale of the property.  If a gain on the sale of the proerty exceeds these losses, the net capital gain is taxed at a maximum rate of 15% ( 10% for individuals in a 15% tax bracket) provided the proerty was held for longer than one year.  If the property is sold at a loss, no tax liability results.  However, regardless of whether or not you have a taxable gain, a withholding tax equal to 10% of the Gross sakes price is required to be withheld from seller’s funds at closing.  When you file your subsequent calendar year Form 1040NR and report the sale of our property, the withholding tax is reported as a credit.  This credit is applied to any tax due from the gain on the sale of your property and any excess will be refunded to you.  If you have no gain, all your withheld tax will be refunded to you.  There are certain exceptions to the withholding requirement that are beyond the scope of this blog.  Since this a complex issue, professional advice should be sought.

Deductions include, but are not limited to, advertising, cleaning, maintenance, commissions, insurance, tax return preparation fees, management fees, mortgage interest, repairs, supplies, property taxes, depreciation ( explained below) and utilitities.  Most expenses that are ordinary and necessary in the operation of a rental property are deductible.  If larger expenditures are required i.e. a new air conditioner, these items ar capitalized and depreciated over future years.

Yes.  Since the house (not including the land), furniture and some large repairs have a useful life greater than one year, they must be depreciated.  Under the current laws the cost of the house is "capitalized" and deducted over a period of 27 1/2 years.  Furniture iand repairs usually have a useful life of 5 to 15 years, depending on the specfic item.

If your trip is primarily for business purposes, the airfare and certain related travel expenses are deductible.  These expenses might include car rental, local transportation to and from a meeting with your property manager and a meal over which a business discussion took place.  Only expenses directly related to your United States rental property can be deducted.

Yes.  U.S. Nonresident Aliens may not file a joint U.S. tax return.  Two returns ar prepared and all income and deductions are divided equally on the two returns.  This has very little overall effect on your tax liability, although it will slightly increase the cost to prepare the required returns.

No. An unlimited number of rental homes can be reported on one Form 1040NR.  Each rental property’s revenue and deductions are reported separately on Schedule E, Supplemental Income Schedule.

10.  Can I
take a credit or a deduction for taxes I pay in my home country on my United States tax return?

No.  Because you are not paying tax on your "world-wide income" but only on United States source income, you are not eligible to recieve a credit or a deduction for taxes paid in your home country.

As you can see this is an important issue and seeking the advice of a professional is just as important as finding a great property manager. 

If finding a rental property and or vacation home in Orlando Florida is one of your dreams call the Orlando Top Team to day or e-mail us for more details.  Here is a link to the investment page of website where multiple choices are availble for you to consider.

Are you ready to purchase a home or condo in Orlando Florida? Great! Here are some very important things to remember in the process of working with the Orlando Avenue Top Team.

 Are you ready to purchase a home or condo in Orlando Florida?  Great!  Here are some very important things to remember in the process of working with the Orlando Avenue Top Team. 

• Tour open houses, and call us if you find something you want more information on!  Take our business card with you when you register!
• Use our handy search tool which enables you to search all available Orlando Florida homes and condos. 
• We can set you up for regular property alerts and keep in touch with you. 

• You need to meet with a mortgage professional and get a mortgage pre-approval for your Orlando Florida home.
• Once we have your mortgage pre-approval, we can set your budget and start then start looking for the right Orlando Florida property for you and your family.
• Once we have your budget, start putting together your requirements and start the searching process for your Orlando Florida home.
• And start looking!  There is a large inventory of available of Orlando Florida homes ready for you to purchase!

On vacation or live in the Orlando area, check out the Charles Hosmer Morse Museum of American Art in Winter Park.

9:30am-4:00pm Tuesday, Wednesday Thursday and Saturday
9:30am – 4:00pm Friday June – September
9:30am – 8:00pm Friday November – May
1:00pm – 4:00pm Sunday

Closed Monday’s and major holidays except Easter and July 4th.

The Boy Scouts of America is a year long Program for boys ages 10-17 that provides educational programs to build character, to train in the responsibilities of participating citizenship, and to develop personal fitness.

The Boy Scouts of America is a year long Program for boys ages 10-17 that provides educational programs to build character, to train in the responsibilities of participating citizenship, and to develop personal fitness.

The Boy Scouting program provides obstacles & steps in overcoming them through advancements. The Boy Scout plans his advancement and progresses at his own pace as he meets each challenge. The boys are then rewarded for their achievements. There are also many special opportunities that the boys have available to them. Some of them are boardsailing, BSA lifeguard, World Conservation Awards, Scuba, Snorkeling and much more. In summer months you will find the boys participating in International Trips, Northern Tier canoeing expeditions – http://www.ntier.org/, Boy Scout summer camps and Florida Sea Base http://www.bsaseabase.org/.

Seafood | 5101 East Colonial Drive | Orlando FL 32803

Orlando Florida | Just for Fun

Our team spends a lot of time on the Internet marketing our properties and looking for new ways to do things.  Sometimes in our search, we come upon some unique and interesting sites.  Here are a few that we have recently come upon:

• Have a budding Ballerina in the family?  Then you might want to check out the Ballerina Gallery
• Into Fishing?  Here is a great resource for Fly Fishing and another of Fly Fishing Photography
• Ever wonder about all of those Murphy’s Laws we hear about?  Here is a site with all of them organized!
• Eyes of Nye is fun site with The Science Guy
• Inspired by Dancing with the Stars?  Try Bust a Move

Eclectic Cuisine | 8625 International Drive | Orlando Florida 32819

Gated Golf Community in Windermere, Florida

Gated Golf Community in Windermere, Florida

Keene’s Pointe located in Windermere, Florida offers fourteen distinct neighborhoods featuring Golf Cottages, Custom Homes and Estates.  They are situated among the Jack Nicklaus Signature Golf Course, Lake Tibet-Butler and Lake Burden.

After enjoying one of the many amenities this community has to offer, community boat dock, nature preserves, playgrounds, tennis, enjoy a relaxing evening at The Golden Bear Club.  You can join as a Full Golf Member resident or non-resident, Social Membership or Corporate Membership.