In California, understanding the Foreign Investment in Real Property Tax Act (FIRPTA) of 1980 can be helpful for professionals in the industry. The IRS provides a comprehensive, yet concise, summary of the act, and includes the following information. You’ll never have a question again!
Professional fiduciaries can save a family an immense amount of money through careful estate planning. A common strategy to prevent a property tax reassessment event, and the resultant higher property tax, is for a third-party lender to loan money directly to a trust or estate prior to distribution.