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Firpta 8288 Form: What You Should Know

The IRS can also verify the foreign entity has filed an accurate Form 8288 by going to the Foreign Claims Statement online. The foreign person must file a Form 8288, U.S. Withholding Tax Return for Dispositions by The Form 8288 Tax Withholding and the form 8288-A. Form 8288-A contains: (a) the IRS Form(s); (b) information regarding the tax withheld (filed either with the CRA or the foreign country); (c) the date that the tax was withheld; (d) whether the tax has been paid to the IRS or the foreign country; (e) the date of transfer of, and payment of, the property from the buyer; and (f) any other information the IRS deems relevant. The information on the Form 8288 A is the same as the Form 8288 that was received by the CRA from the foreign country. This form is the equivalent of a notice posted by the CRA. The CRA has notified the US that there has been a transfer in ownership of the property. This notice allows the US and the foreign country time to file the Form 8288-A to resolve differences between the values and the amount of the withholding. Once the IRS identifies a transfer of ownership, the CRA must notify the US that the tax will be withdrawn from your account in 30 to 90 days. The CRA does not take action on a Form 8288-A until there has been compliance with the foreign country requirements. The CRA has sent the US a list of the countries where foreign individuals own real property. The CRA then sends the US a Notice of Intent to withdraw any part of the withholding tax on the property transfer. If you are filing Form 8288 as an owner of real property that is owned by a person who is not a non-resident alien, you must contact CRA to advise it of any non-resident alien holding of real property on whom the withholding would require you to withhold U.S. withholding tax. A Form 8288, U.S. Withholding Tax Return for Dispositions by Form 8288, U.S. Withholding Tax Return for Dispositions by Form 8288 can be electronically filed when a taxpayer changes their withholding tax or nonresident alien holding of property from a non-U.S. country to a non-U.S. country. IRS Form 8288.

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