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About Savannahjo

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  • Birthday 02/04/1963

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  1. Savannahjo

    Sellers Fees in a Real Estate Transaction

    So, after some research, it is pretty common that the seller pays the tax on commission. We negotiated that out and will pay 7%. There is always great debate on this forum of renting vs buying. We just accepted the SPA (Sales Purchase Agreement) rom the buyer and have sold (or the buyer will forfeit the deposit) our property for 106% of what we purchased it for 7 years and 5 months ago. Great investment, a special property and now onto the next one!
  2. Greetings friends. After over 7 years on this site, my wife and I are selling a property and I wanted to get a feel for sellers fees and specifically if it is standard for the seller to pay for the taxes on the real estate commission for the broker. I can see generally there are taxes paid for that, but not who is responsible and I am thinking since it is not specially called out it is just something the real estate person pays themselves?
  3. We went through this a few years back. For us, it was more about if we should pass together on a plane, for example. The process was not easy. We each own 50 shares of the SA and having another person in the US in this case stepping in to claim or own the SA moving forward was not trivial. It needed to be registered, put into your minutes yearly, etc. Looking forward to learning more on this topic and who has nailed it as it may have become easier from a few years back. PS - Happy 4th to many out there!!
  4. I'm with SEATURTLWOMAN. I have briefed the site from time to time, but never engaged with the forum....ARCR is the best!
  5. ....and I finished up taxes today, there is also form 5471. This is for a foreign company (SA), make sure to check that out as well. Oh, the joy of taxes and forms....!
  6. Was nice while it lasted! Thanks for publishing this...
  7. We are in the southern zone and love it. The forum members here are very knowledgable and you should read and consider the points carefully. Coupe additional points to consider. Becoming a resident via a property or home purchase may not make the most sense from at least a Caja perspective long-term. When we looked at that method, Rentista via going through the process and essentially 'buying' residency for $60K made more sense. We have made the investment in both property and deposit, but we have not started Rentista yet, so things may have changed. As for Paul's comment about..."But that still worries me because, what with the far too common problem in CR of surrepititious land/property transfers to a 2nd party and then to a 3rd party, an absentee property owner is vulnerable of having their house or land stolen from then with no way to reclaim it easily due to the laws in CR."....I think is stated way too strongly even though he is our admin and expert with this forum. Simply taking your time, and, having a good attorney, completing (video in or case) a land survey, having a Title Company conduct research and provide tile insurance as well as the history of the property provided enough peace of mind and it has been 7 years of no issues. And of course, buying the property via an SA, this has been recorded for years and we pay property taxes and until last year, a non-active Corp fee as well. That was deemed unconstitutional and at least this year, it is longer required. I do not have the experience Paul obviously has, and I am guessing he knows folks that have this problem, but for us and our neighbors after 7 years I have not heard of 1 situation where squatters have come in and caused any problems. Maybe it varies within the country. And of course, my opinion only....
  8. Savannahjo

    It's official- we're moving back!

    lucybelle - the good news is you are staying with this forum! too bad pam and I did not meet you guys in the US, but there still may be time. if not, looks like there will CR....enjoy the journey and if you become that attorney, we will for sure hire you when we get ready for Rentista!
  9. Scotia. We had an account with them for a few years before we made the large transfer.
  10. Just one more opinion. We have already sent the $60K in 1 wire without any issue. Yes, it is over the $10K and we have filed form 114 (US citizens) this year as we have for a number of years now as we file our taxes. We have not started Rentista yet and for us, it was a hedge simply to move some funds into CRC as the exchange rate is better than it has been since we purchased property about 7 years ago. It may get better, but it was already a nice return looking back. As well, when we spend more time in CR, we will be in CRC and the interest on CRC is certainly better than it is for dollars.
  11. Blessing Jessica! Pam and I will toast with you virtually...
  12. Savannahjo

    Hola! Still alive, still kicking.

    Welcome back, Tiffany! Always enjoyed your posts and nice to see you back!
  13. Again, so rare to have some time to dedicate to this forum like this... One more point on this from me and hopefully the string will continue to be lively. It is educational and interesting to dig deeper on more complex topics like taxes! I have attached the IRS.gov web site page and induna is correct - if you FAIL to file you have a MAXIMUM 6 month extension. And yes, nothing to do with the IRS, except that it is spelled out on the IRS site. Anyway, cheers to all....https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar
  14. Great interaction! There is not only differences here, but web-sites and paid professionals that (seem to) disagree! Perhaps the point there is no debate is that you must file if you have her UD$10K even for an instant on for 114?? I just finished taxes where I have filed for 7+ years having north of 10K in assets in CR as well, current as of Saturday. That is why this forum is so valuable....induna.
  15. There was no mention of income and having gone through this for years, this is exactly why I posted, thanks for your reply!! My CPA has has completed this as part of our filings for years. Do what you wish, I have " been there and done that" and I am sure there are other opinions....mine just comes with 7 years experience....it is not an 'understanding'.....of form 114....and the predecessor of this form. There is likely a difference if you have more complex returns and use a international CPA...free advice! Happy filing for 2016 tax year everyone! ..... Can I get an extension of time to file?There is no extension of time available for filing an FBAR. Extensions of time to file federal tax returns do NOT extend the time for filing an FBAR

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