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FIRPTA: Foreign Investment in Real Property Tax Act

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Foreign sellers are subject to a 10% withholding (of the Gross Sales Price) unless the transaction is exempt from FIRPTA witholding.

  • Most common exemption: Sales Price is not more than $300K. The buyer or a family member must have plans to reside at the property for at least 50% of the number of days the property is used by any person during each of the first two twelve month periods after sale. [ FIRPTA Witholding (external link) ]

Other Exemptions that may apply are:

  • Another common exemption is for the Seller to provide a certificate stating that they are not a foreign seller (in other words, they are a U.S. citizen or resident alien)
  • The seller may also apply for and receive a withholding certificate prior to close of escrow from IRS excusing withholding or reducing withholding.

Important to Note: If a foreign seller does not have a United States IRS issued Individual Taxpayer Identification Number (ITIN) they should make application using the US tax form W-7.

For additional information, forms and publications go to www.irs.gov.

 

*NOTE: Escrow will withhold and remit to the IRS 10%.

**IRS REQUIRES: The BUYER acquires the property for use as a home and the amount realized (sales price) is not more than $300,000. The BUYER or a member of their family must have definite plans to reside at the property for at least 50% of number days the property is used by any person during each of the first two 12-month periods following the date of transfer. 

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