Sale of Florida Lot, Port LaBelle
Posted date : May 12, 2021.
I recently sold a lot in Port LaBelle for slightly more than US$8,000. Approximately $1,500 has been taken from the proceeds to be held by the government. Will I eventually receive that money? If not, why not? If yes, when. If so, what is the rationale?
Ed.: The funds held by the government are as a guarantee that the government gets their tax, not the tax itself. If the tax is less than the sum held, you are entitled to the difference. To get it, one has to file a U.S. tax return in the year following the sale. In the return, the calculation of the tax payable on the sale is made and a refund of the excess is requested.