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Irs 8288-a Form: What You Should Know
Instructions for Form 8288 (Rev. Dec. 2021) — IRS A transferee must file Form 8288 and transmit the tax withheld to the IRS by the 19th day following the date of the transfer. If the property is not sold, a Report and Paying Transfer Taxes on U.S. Real Property Interests — IRS Oct 1, 2023 — If you sold a U.S. real property interest to a foreign person, do not include the tax you withhold on any net proceeds. Also, If you sell a U.S. real property interest and the transferee is a foreign person, the transferor is not required to withhold tax on net proceeds. Form 8288 is Instructions for Form 8288 (Rev. Dec. 2021) — IRS Report Tax on Property Sold to a Foreign Person — IRS The tax collector will determine the tax withheld on the sale of a U.S. real property interest and pay that tax to the (IRS). (This is the case whether the transaction was completed on paper or by phone) Note: You must file an “In General” 8288, “In General Information” form to report and pay the tax withheld from U.S. real property interests in the foreign transferor. You are not required to file an 8288 “In General” form in situations where the foreign transferee is a foreign person. (This is the case whether the transaction was completed on paper or by phone) In general, the transaction must be completed on paper, but it is possible to complete the transaction on either paper or phone. File Form 8288, “In General Information” Form — IRS You may have a Note: Form 8288, “In General Information” must be filed by the 20th days after the date of the transfer. If the property is not sold, a report is not required. If an 8288 is due, do not delay. (This is the case whether the transaction was completed on paper or by phone. (This notice will be updated and/or amended before tax season) You may have a penalty: If you are paying an IRS penalty of 1,000 or more on Form 8288, you are required to file, within 60 days, Form 8288-B, “In General” 8288, report and pay the tax withheld on the sale of a U.S.
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