AccuTax Foreign Accounting Service provides unparalleled personalized accounting services to a broad range of clients across the world. As your accuntants, we are here to ensure that all of your financial decisions are made carefully and with your best interests in mind. We are ready and able to serve as your financial advisor, tax planner, and guide along your path to success.
Are you buying or selling real property involving a non US Resident? Your transaction may be subject to FIRPTA withholding. The Foreign Investment in Property Act (FIRPTA) requires 10% of the sales price to be sent to the IRS when a non US Resident sells real estate. Moreover the buyer is held liable for the tax if not paid by the foreign seller. There is a way to mitigate this and confirm the tax liability with the IRS before closing: Application of a Withholding Certificate.
In this housing market many times the foreign seller will have little or no tax liability when selling a property, certainly not 10% of the sales price.
Are you buying or selling real property involving a non US Resident? Your transaction may be subject to FIRPTA withholding. The Foreign Investment in Property Act (FIRPTA) requires 10% of the sales price to be sent to the IRS when a non US Resident sells real estate. Moreover the buyer is held liable for the tax if not paid by the foreign seller. There is a way to mitigate this and confirm the tax liability with the IRS before closing: Application of a Withholding Certificate.
In this housing market many times the foreign seller will have little or no tax liability when selling a property, certainly not 10% of the sales price.
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