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OK online Form 8288: What You Should Know
How is Form 8288-B Form 8288-B? Where can I find it? Form 8288-B is your official proof of income tax liability for your U.S. business interests. Use our free Form 8288-B Checklist for the IRS to get the information you need to calculate and complete your Form 8288. Form 8288 is used for dispositions to the U.S. by certain foreign persons who have a U.S. real property interest in a U.S. property. The form contains information and instructions for the IRS to audit such cases. U.S. withholding is due on the basis of the net income derived from your U.S. property holdings. A U.S. Withholding Certificate or a denial letter does not necessarily mean a denial of your federal income tax return. When there will be a filing requirement is based on whether your dispositions constitute a withholding tax on property income. For the IRS, a U.S. Withholding Certificate is not a requirement for the first 100,000 of net property income to be subject to withholding and for dispositions to continue to be subject to both withholding and U.S. income tax. If you are in a situation where you should need a U.S. Withholding Certificate or a denial letter, please contact our office. How to Fill the Form 8288-B for Dispositions of U.S. Real Property Interests?  The first thing the IRS may want to know is that your dispositions to U.S. real property interests need to be for property income. Most of this income is derived from the sale or exchange of any type of real property interests. Some types of U.S. property interests do not result in property income. For instance, a U.S. real property interest includes those interests that have little to no use for U.S. business, or those for which you hold the interest only as an investment. This list includes: real estate brokers, architects, builders of property for sale (as opposed to building new properties), appraisers, lenders, insurance companies, real estate agents and sellers. There are many exceptions regarding real property interests that have little or no use for U.S. businesses to the rules stated above. Please contact the IRS to learn what is a U.S. real property interest and what your own personal business uses of your U.S. property interests constitute.
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