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Video instructions and help with filling out and completing firpta solutions
Hi I'm Dale Mason I'm the International Tax Director here at the Wolfe group and today we'll be talking about FERPA the foreign investment and real property tax act who does this apply to it applies to non-residents who sell real property in the United States for a sales price in excess of 300 thousand dollars even non-residents those of you who are international organization employees who have an owned property here in the US can sell that property as long as it meets certain criteria and you won't have to pay any tax to the United States government isn't that great yes it is provided you meet two criteria number one is that you own the property number two is that you live in the property for two out of the last five years before you sell the property if you do that you can exclude up to two hundred and fifty thousand dollars per person that is you and your spouse can both exclude two hundred fifty thousand dollars of gain from the sale of that real property on your income tax return so most often many many times people actually don't have any taxable gain from the sale of a principal residence it's called the 121 exclusion for those of you who'd like to look it up an Internal Revenue Code in case you want to fall asleep fast at night anyway so how does this apply let's talk about a person who sells their principle residents for a gain of $400,000 and both spouses are International Organization employees and non-residents in the United States well I just got then speaking about the fact that you can exclude 250 thousand dollars each that's $500,000 of gain exclusion so you shouldn't actually have to pay any income tax on that property when you sell it even though you may not have any game that's taxable from the sale of real property in the United States you still will be subject if you're a non-resident the foreign investment in real property tax act ferpa what is it if the 10% withholding tax on the sale of real property based on the gross proceeds of that property so let's take an example if you sell a property for a million dollars but have no taxable gain you will still be subject to a 10% withholding tax the buyer the settlement agent is required to withhold 10% of the gross proceeds so in the sale of a million-dollar home $100,000 would have to be withheld upon that sale do you say Dale that's not fair I don't have any taxable gain like you just told me why should I have it this withholding tax with the whole withholding tax is meant to protect the US government in case you should just leave the United States and not pay the US government so what you have to do is one of two things in order to get your withholding tax back.