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8288 Form: What You Should Know

S. Taxpayer's agent. However, many persons, including real estate professionals, assume the form 8288-A has a validity date. This is incorrect. The IRS only has to validate the amount withheld and not the date the documents are submitted. Thus, anyone submitting form 8288-A at the close of a year is still bound by the tax withheld prior to submission of Form 8288. Form 8288 is used for dispositions of assets sold by certain foreign persons. The IRS Form 8288: FIR PTA Tax Withholding For Foreign Owned Property is used to verify the amount of tax withheld for U.S. taxes from a sale by a U.S. person in a Canadian province or territory with a non-participating tax treaty. The IRS requires Form 8288-A to validate the amount of tax withheld for U.S.

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Video instructions and help with filling out and completing Form 8288

Instructions and Help about Form 8288

Divide this text into sentences and correct mistakes: 1. His seventh birthday 82-88 sand 1042, what do these acronyms and four numbers have in common? 2. They're related to tax foreign taxpayers. 3. A W7 is an application for a tax ID when you file as a foreigner. 4. You need to obtain a tax ID with the Internal Revenue Service, and this process could be long and arduous. 5. If you owe, and we do, our firm prepares W7. 6. Another item to consider is FERPA, the Foreign Investment in Real Property Tax Act. 7. What does that mean for foreign taxpayers? 8. Well, that means that if you are a foreign investor in real property, you will be subject to a 10% tax withholding once you sell that property to another individual or company. 9. Now, there are ways to ask for a reduction of this withholding, and this is reported on 82-88. 10. However, this request must occur before the closing of the sale. 11. We are also experts in this situation.