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ID Form 8288: What You Should Know

If neither tax return is filed by the end of the year or if the tax return is not complete, the IRS must send all the money withheld to an outside collection agency. HARP TA & FIR PTA Tax Withholding — Avoid The Pitfalls Sep 6, 2023 — No Form 8288-A is returned to the seller, nor is the IRS notified of the noncompliance. Instead, the seller must send the money back and the seller must file a return with the IRS. If the return is not filed by the end of the year, the seller must pay any tax withheld from the sale. Proposed Revenue; Comment Request for Forms 8288-A and N-288 (Filing Form 7041 to Report) May 4, 2023 — In order to reduce administrative burden on sellers, the IRS has begun to accept Form 8288 for receipt as documentation of tax withheld from the sale of Hawaiian real property. The IRS will issue Form 7041 to taxpayers in June. Form N-288, Hawaiian Real Property Dispositions Withholding Dec 10, 2023 — Form N-288, Hawaii Real Property Dispositions Withholding is a form that can be used to report a U.S. sale of a Hawaiian real property interest. It may be used to report, as gross income, sales in excess of the foreign property exclusion in section 1031 of the Internal Revenue Code for the sale of interest in the same property located in Guam or the Virgin Islands. The form is also used to report a transfer to a nonresident who owns a residence in Guam or the Virgin Islands; or to report a transfer to a foreign person who qualifies as tax resident for U.S. income tax purposes if he or she does not pay U.S. tax on his or her foreign income. Form N-288, U.S. Withholding Tax Return for the Withholding on Disposition Of Property by Nonresidents of Guam or the Virgin Islands; Dec 10, 2023 — There is a form N-288 available to U.S. taxpayers to report and pay in advance the tax on the sale of property located in Guam or the Virgin Islands. It is important that purchasers of such properties report the amount of the tax paid to the IRS. This form is not used to report any income or gain from such purchases. Forms 8288 and N-288-A have to be filed with the U.S.

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