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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.