IRC 1445 Compliance Forms

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Commonly Asked Questions about IRC 1445 Compliance Forms

What is Section 1445 of the IRC?

Except as otherwise provided in this section, in the case of any disposition of a United States real property interest (as defined in section 897(c)) by a foreign person, the transferee shall be required to deduct and withhold a tax equal to 15 percent of the amount realized on the disposition.

What is the IRS form W-8BEN used for?

Use Form W-8BEN for Scholarship/Fellowship Grants if a tax treaty exemption applies. The treaty must include a provision for Scholarship/Fellowship Grants. To determine if the tax treaty applies refer to Tax Treaties for Independent Contractors and Scholarships.

What is the IRS form for foreign seller?

Buyers and transferees use this form with Form 8288 for each foreign person that disposes of real property located in the U. S. to report withholding on the amount realized.

What is form 8288 used for?

Form 8288. The tax withheld on the acquisition of a U.S. real property interest from a foreign person is reported and paid using Form 8288. Form 8288 also serves as the transmittal form for copies A and B of Form 8288-A. Generally, transferees must file Form 8288 by the 20th day after the date of the disposition.

What is Notice 1445 from the IRS?

IRC Section 1445 is a portion of the Internal Revenue Code that involves withholding taxes and tax refunds for a foreign person, the transferor, selling real estate property to a buyer, the transferee, in the United States.

What is a w8 form for foreign vendors?

The W-8BEN-E is the most commonly used W-8 form, which is only to be completed by foreign entities, not individuals. This form contains approximately 30 parts.

What is the IRS form for foreign property sale?

Reporting the sale of foreign property to the IRS and FinCEN If the income you made from the sale of your foreign property was deposited into a foreign bank, you may have to report it on a Foreign Bank Account Report (FBAR) by using FinCEN Form 114. You may also need to file FATCA Form 8938.

What is the difference between W-8 and W-8BEN?

What is the difference between a W-8 and a W-8 BEN? W-8 refers to a series of five forms that foreign individuals and businesses use to claim exemptions. The W-8 BEN addressed in this article is the specific form for individuals to establish foreign status for the purposes of taxation.