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Alabama Real Estate Withholding Tax For Out Of State Owners
Did you know that the State of Alabama levies a 4% Withholding Tax on the profits of any real estate transaction with a purchase price of $300,000 or more when the owner is an out-of-state owner? If you are an out-of-state property owner in Alabama, this can have a significant impact on the amount of money that you net from the sale of your property.
The good news is that this tax can be avoided when you purchase the property by forming an Alabama LLC to take title. Please note that it must be an Alabama LLC and cannot be a foreign LLC. For more information on this topic, please contact The Niel Group.
As an Orange Beach homeowner and resident, Lance enjoys living the Gulf Coast lifestyle and is passionate about sharing it with others. He helps his valued clients achieve wealth creation and personal....