See more Form 8288A (Rev January 2004) - realtor versions
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What is the tax on foreigners selling property in the US?
Although there are some exceptions, the act requires a mandatory 15% withholding of the sale price on U.S. property sold or transferred by a foreign national to another owner.
What will the IRS withhold when a foreign person sells a US property?
Special Rules for When Foreigners Sell US Property Under the Foreign Investment Real Property Tax Act (FIRPTA), when a US non-resident sells real property, 15% of the gross sale price will automatically be withheld for the IRS.
What is the IRS withholding for foreign sellers?
The IRS requires 15% of the sales price be withheld on the sale of United States real property interests by foreign persons (on sales above $1,000,000), and either 15% or 10% on sales between $300,001 and $1,000,0000, and either 15% or $0 for sales of $300,000 and under.
How to fill out form 8288-B?
How to Fill Out Form 8288-B Name and contact details of the transferor and transferee. Whether the applicant is the transferor or transferee. The name of the withholding agent - thats generally the buyer. Address where you want the withholding certificate sent. A description of the property. The date of the transfer.
What is the difference between form 8288 and 8288-A?
Form 8288, U.S. Withholding Tax Return for Dispositions by Foreign Persons of U.S. Real Property Interests. Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests.
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People also ask
Can foreigners buy and sell property in the USA?
The simple answer is yes: Non-US citizens can buy any property in America with complete ownership rights. You can purchase freely whether youre an American expat considering a vacation home, investment property, or a foreign national looking at US real estate.
How to report form 8288-A?
How to report. You must file a U.S. tax return (Form 1040-NR, 1041, 1065, or 1120-F) to report the sale or other disposition as effectively connected with the conduct of a trade or business in the United States.
Is selling US property as non resident taxed?
U.S. taxation Long-term gains are subject to a flat tax rate of 15% or 20%, depending on your income level. Moreover, a 15% U.S. withholding tax under the Foreign Investment in Real Property Tax Act (FIRPTA) is generally applied to the gross sales price when you sell your U.S. real property.
Related links
21.8.2 BMF International Adjustments
Updated procedures to clarify this includes an amended Form 8288-A and to include why Form 8288-A or an amended Form 8288-A is being faxed in the last NOTE per
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