Advice please on spending the winters in Florida
#31
Re: Advice please on spending the winters in Florida
In the Nova episode they explained clearly why Florida is more prone than other areas. The reasons are purely geological and began long before snowbirds arrived to buy condos. The show had a surveyor poking the ground with a pole, and it slipped straight down into the empty air pockets. That's where sinkholes are.
I thought it was quite shocking. This site may help.
FGS - Sinkholes in Florida
I thought it was quite shocking. This site may help.
FGS - Sinkholes in Florida
#32
Lost in BE Cyberspace
Joined: Feb 2013
Posts: 6,148
Re: Advice please on spending the winters in Florida
We are retiring in March 2016 and are thinking of buying a place in Florida to escape to during the UK winter months. Any advice or tips on best places to buy, whether to buy within a complex, do we buy a car or rent, is it feasible to offer holiday lets in the property when we are not there,all advice would be welcome.
#33
Re: Advice please on spending the winters in Florida
We are retiring in March 2016 and are thinking of buying a place in Florida to escape to during the UK winter months. Any advice or tips on best places to buy, whether to buy within a complex, do we buy a car or rent, is it feasible to offer holiday lets in the property when we are not there,all advice would be welcome.
But basically, be aware of bad advice. Do not for example put it in a corporation, there is no point.
The main sticking point is that visitors cannot claim the homestead exemption, so beware of that, as you have to pay the full property tax rate.
Bear in mind the tax situation, at a bare minimum you will have to file Form 8840 every year and if you sell a property that is a reportable event on 1040NR schedule D even if there is no capital gain.
Realtors also have to do withholding for non-resident aliens when selling their property, this is done on form 8288 and forces you to file the 1040NR in order to get the tax back, although you can file for an exemption but this is rarely done.
If you rent out the property, the renter is supposed to do tax withholding on 1042-S unless you declare the rental property as effectively connected with a business (so basically you have to) and the income has to be reported on 1040NR and US income taxes paid on it. Then you have to claim a foreign tax credit on the income in the UK to avoid dual taxation.
This old CRA publication is helpful: http://www.willseydavis.com/files/PD...wn%20South.pdf
#34
Re: Advice please on spending the winters in Florida
My ex MIL in Venice had/has snowbirds next door. They were from Michigan, not Canada or UK. The house is in a almost gated, over 50s community. They put up hurricane shutters for the duration, pay the HOA fees so the grounds are looked after, and perhaps have cleaners in IDK. If you can afford it I'd guess such places are set up for that scenario. A busi-body, if not a manager is on hand to let you know if your house is letting down the community!
#35
Forum Regular
Joined: Aug 2014
Location: UKandFlorida
Posts: 71
Re: Advice please on spending the winters in Florida
I have just bought a place in Port ST Lucie. Love it so far. Only spending about 10 weeks per year there at the moment (usually in 3 or 4 week blocks). message me if you want more info.
Last edited by Anrev; Feb 6th 2015 at 2:06 pm. Reason: spelling