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Video instructions and help with filling out and completing Firpta example

Instructions and Help about Firpta example

Hello Facebook okay this is actually kind of funny I actually can see who's watching right now I don't know why hello who's there Music never mind okay for some reason I cannot see who is watching right now that is really weird hi everyone I'm still in the office so today is November 8 2022 I want to share one of my big one hi boss on this year one of my big wing for actually one of my clients that's so their house back in July so this is about foreign seller from so what well if your restoration you know what the product is its if I are PTA which stands for which stands for it's basically just for sellers affidavit of non pouring status so FERPA so this is basically a form that you know Arista transactions will fill it out it tells you the buyer who the sellers are in their tax status and if they are a foreigner or via dairy you know there are US citizens or you know what their tax status is a lot of times the buyer will get a qualified substitution instead of the foot up the this form is actually very important so today when you talk about today where I want to talk about how I help my client I have a foreign client they so they purchased a home back in 2022 okay so they purchased their home back in 2022 and then they just sold it this year their house being rental property for them for almost the past I want to say six to eight years so you know as the market appreciates you know they decide to sell this here you know baby second sale this year but one thing a lot of forests or seller that encounter you know they're come one of their biggest concern is the capital gain tax because put an IRS guideline right now if you're a foreigner selling where is they here in caliph in the United States particularly I'm talking about California right now the IRS Skylab I know is that that was holding is actually 15% one five fifteen percent from the sales price it's not the actual gain is actually the sales price so sorry trying to fix my hair again I can't really see so hi van so the foreign sellers have to pay basically the withholding is fifteen percent of the sales price it's not the actual gain is the sales price gorgeous is a lot for a million dollar home you're looking at about 100 150 thousand you know so in this particular case the house was so they're six hundred ten thousand so the withholding actually is about ninety one thousand dollars just for the California alone hi Martha so so before we list the house and I've been doing research actually on this topic for quite a while for several years because you know I have a lot.

FAQ

What is FIRPTA and how do I avoid it?
The only other way to avoid FIRPTA is via a withholding certificate. If FIRPTA withholding exceeds the maximum tax liability realized on the sale of the real property, sellers can appeal to the IRS for a lower withholding amount.
What are FIRPTA documents?
The disposition of a U.S. real property interest by a foreign person (the transferor) is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding. FIRPTA authorized the United States to tax foreign persons on dispositions of U.S. real property interests.
How do you avoid FIRPTA?
The only other way to avoid FIRPTA is via a withholding certificate. If FIRPTA withholding exceeds the maximum tax liability realized on the sale of the real property, sellers can appeal to the IRS for a lower withholding amount.
What means FIRPTA?
The disposition of a U.S. real property interest by a foreign person (the transferor) is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding. FIRPTA authorized the United States to tax foreign persons on dispositions of U.S. real property interests.
How do you explain FIRPTA?
FIRPTA is a tax law that imposes U.S. income tax on foreign persons selling U.S. real estate. Under FIRPTA, if you buy U.S. real estate from a foreign person, you may be required to withhold 10% of the amount realized from the sale. The amount realized is normally the purchase price.
Who withholds FIRPTA?
The basics. What FIRPTA is and how it works In most cases, the buyer is responsible for making sure the IRS receives its money within 20 days. The buyer usually is the withholding agent and is ultimately responsible for sending the funds to the IRS.
How is FIRPTA tax calculated?
On the surface, the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), P.L. 96-499, seems straightforward enough. Foreign persons must pay a 10% or 15% tax when they sell a piece of U.S. real estate.
What does FIRPTA mean for a buyer in Florida?
Under FIRPTA, a buyer who purchases U.S. real estate from a foreign seller is obligated to withhold from seller's proceeds, and submit to the IRS, a percentage of the sales price of the U.S. real property.
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