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Form 8288 Lakewood Colorado: What You Should Know

Instructions for the IRS. IRS Form 8288 Withholding: In general, Form 8288 is required when any foreign person owns or controls U.S. real property interests in a period in excess of five years and the property is transferred by sale. The amount of the interest tax, if any, is subject to the limitations listed in sections 7602 and 7603 of the Internal Revenue Code. Forms 8288 can be filed electronically on the Filing Form and Filing Schedule page. After filing Form 8288 and the required information on a timely basis, the tax will be applied to your U.S. federal income tax return. Form 8288 must be filed by the foreign person who sells, assigns or transfers the property within 30 days from the date of the sale, assignment or transfer (in the case of an exchange). The tax owed can be waived if no return is required and there is no reason to believe a return will be made within four years after the date of the sale. If a foreign person sells the property in another state or territory which does not have a state tax, the foreign person or his agent can file Form 8288 in Washington State rather than in the foreign state. The sale would have to be in the United States to satisfy state tax on interest. If one of the foreign persons purchases and holds the United States property through a real estate investment company, he will have to file separate Form 8288 to report the income tax deduction. Filing Form 8288 (or a copy of Form 8288) with the IRS is mandatory unless the seller or purchaser has a valid exchange agreement exempting all amounts (including interest), otherwise that amount must be reported on a separate form. If the interest paid on the property is to be reported on a separate Form 8288, the IRS will require the original and copy of Form 8288 as part of the tax return. In this case, any interest received by the seller or purchaser would be taxable in the foreign state. If you are a United States citizen, you are required to file Form 8288, unless the real property is purchased and held through a foreign partnership, corporation or trust. To learn about the Form 8288 filing requirement for the United States, go to the US Withholding Requirements section You may also be required to file Form 957, Certificate of Foreign Source of Income, if you have more than one U.S. real estate interest.

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