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Video instructions and help with filling out and completing Firpta section 1445
Instructions and Help about Firpta section 1445
Meet John John owns a vacation home in the US he wants to sell his home but he's not a US citizen or a u.s. resident as a foreigner John has to deal with FERPA meet Mike he wants to buy John's house since John is a foreigner now mike has to deal with FERPA too so what is first F FERPA is a withholding tax but withholding is an amount that is set aside to pay for potential taxes down the road think of it as an advanced tax payment when John sells his property he will be earning us income when he earns us income he has to pay an estimated tax payment on that income that estimated tax payment will stay at the IRS until John files a US tax return if he ends up owing less than what was paid in advance then he will get a refund of the difference collecting the payment upfront is the only way the IRS can make sure that John files his tax return but how does the IRS go about collecting that payment remember Mike when Mike buys John's house he will need to hold back 15% of the selling price and make a payment to the IRS on John's behalf if my doesn he might have to pay the 15 percent himself John called the specialist at FERPA solutions they explained the process and his option to either remit or apply for a withholding certificate John didn't have a US tax ID so ferp dissolutions helped him to apply for one a few short months later John has his 15 percent back in his bank account where it belongs so whatever happened to Mike well Mike went on to live a happy life in his brand-new home he never heard from John or the IRS again this story has a happy ending but sadly not all for up to stories and well how do you want your story to end call the experts at firt dissolutions to find out.