Question 1

How do I avoid FIRPTA withholding in Miami?

Accepted Answer

Foreign sellers of U.S. real property in Miami can reduce or eliminate FIRPTA withholding by filing Form 8288-B (Withholding Certificate Application) with the IRS before or at closing. David L. Wrubel, CPA, PA specializes in this process for Miami Beach properties. The application must be submitted at least 90 days before closing. Upon approval, the IRS issues a withholding certificate reducing the withholding to the actual anticipated tax liability, which is often substantially less than the standard 15% of the gross sales price.

Question 2

What is the FIRPTA withholding rate in 2026 for Miami Beach properties?

Accepted Answer

For 2026, the standard FIRPTA withholding rate is 15% of the gross sales price for properties sold over $1,000,000. A reduced 10% rate applies to properties sold between $300,001 and $1,000,000 when the buyer intends to use the property as a primary residence. Properties sold for $300,000 or less to buyers using them as a primary residence may qualify for 0% withholding. Given Miami Beach's luxury market, most transactions are subject to the 15% rate, making Form 8288-B withholding certificate applications critically important.

Question 3

How much can I save by moving from New York to Florida for tax purposes?

Accepted Answer

A New York resident earning $500,000 annually may save $30,000 to $55,000 or more per year by establishing Florida domicile, as Florida has no state income tax compared to New York's top rate of 10.9%. The 2026 SALT deduction cap of $40,000 provides some federal tax relief but does not eliminate the fundamental advantage of Florida's 0% state income tax. David L. Wrubel, CPA provides personalized tax savings analyses for individuals considering a move from New York, New Jersey, California, or other high-tax states to Florida.

Question 4

Does my Florida LLC need to file a BOI report under the Corporate Transparency Act?

Accepted Answer

Yes. Most Florida LLCs, corporations, and other entities are required to file Beneficial Ownership Information (BOI) reports with FinCEN under the Corporate Transparency Act (CTA). Failure to comply carries civil penalties of up to $500 per day. Real estate holding LLCs, which are extremely common in Miami Beach, are among the most frequently affected entities. David L. Wrubel, CPA provides CTA compliance services including initial BOI filings and ongoing compliance monitoring.

Question 5

Can David Wrubel CPA help with cryptocurrency taxes in Miami?

Accepted Answer

Yes. David L. Wrubel, CPA provides comprehensive cryptocurrency and digital asset tax services for Miami's blockchain and fintech community. Services include capital gains reconciliation across all exchanges, DeFi protocol income reporting, NFT transaction analysis, FBAR and FATCA compliance for foreign exchange holdings, and IRS Form 8949 preparation. The firm works with all major platforms including Coinbase, Binance, Kraken, and self-custody wallets.

Question 6

What is the federal estate tax exemption for 2026?

Accepted Answer

The federal estate tax exemption for 2026 is approximately $15 million per individual ($30 million for married couples), reflecting inflation adjustments to the Tax Cuts and Jobs Act provisions. Florida has no state estate tax. For South Florida luxury real estate owners, this exemption creates significant planning opportunities through irrevocable trust structures, step-up in basis strategies, and charitable giving vehicles. David L. Wrubel, CPA provides estate planning services tailored to the South Florida luxury real estate market.

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