Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 8 years ago,
15% tax on a non resident sale of a home in Rhode Island
Hello everyone! My name is Chris and I am a newbie! I have the potential of an off market deal with a neighbor of mine in Rhode Island. They are an elderly couple whom have resident status in another state and are looking to sell due to the failing health of the husband. The wife was thinking of selling and buying a condo in the same area for the summer months. However she doesn't want to have to pay the 15%tax.
First, Is this 15% tax true? Are there any ways around it?
Second, I'm looking fore some creative ways to acquire the property that will be mutually beneficial.
I.E. Buy the house and rent it back to them while I maintain it.-long term strategy
Please point me in the direction of someone who may know the answers if you do not. Thank You all for your help!