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Form 8288 online Colorado Springs Colorado: What You Should Know

The transferor may file a U.S. income tax return for the year in which the gain was generated to minimize withholding for Federal income tax purposes, but the purchaser must file a U.S. withholding tax return with his own income tax return. To file the return and get a withholding credit, the purchaser must complete Forms 1041, U.S. Withholding Tax Return and Payroll Deductions, as well as Form 8288-B.  When a foreign person purchases property from, or becomes a tenant of a U.S. person, who is a resident, the recipient of the property may file Forms 1041, with the U.S. person for either of the following:  (1) Purchasing property in the United States, either directly or through another, whether such other person is the foreign person's spouse or child; or (2) Acquiring permanent residence in the United States after becoming a resident of the United States. The recipient must attach a statement with his or her return showing the transferor's and recipient's names, addresses, and U.S. financial institution identification number. The transferor's and recipient's name, address, and U.S. financial institution identification number may also appear on the transferor's U.S. income tax return. The IRS may review information and determine that a Form 8288-B is necessary and appropriate to avoid double taxation. When a foreign person is a tenant of a resident, the nonresident has a nonresident's tax position that is the same as an equivalent U.S. resident's tax position for purposes of income tax withholding and estimated tax reporting. The foreign person does not have any U.S. tax position because the income earned by the tenant is treated as income received by a nonresident for U.S. tax reporting purposes. The nonresident has a nonresident's tax position only if the nonresident has lived in the United States the entire tax year. (See Pub. 501.) The nonresident's nonresident tax position is the same as the equivalent U.S. resident's nonresident tax position. The tenant's income received by the nonresident, however, is not treated as income received by a nonresident for U.S. tax reporting purposes—it is treated as income earned by a nonresident. (See section 2 of Pub. 501.

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