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About Form 8288-A, Statement Of Withholding On Dispositions: What You Should Know

It is important to make sure the filing date is accurate—the tax law allows you to deduct or withhold 10% of the income tax for tax.

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FAQ - About Form 8288-A, Statement Of Withholding On Dispositions

What is a form 8288 B?
Use Form 8288-B to. apply for a withholding certificate to reduce. or eliminate withholding on dispositions of. U.S. real property interests by foreign. persons, but only if the application is based.
What does FIRPTA mean for a buyer in Florida?
The Foreign Investment in Real Property Transfer Act (FIRPTA) requires any buyer of a U.S. real property interest to withhold ten percent of the amount realized by a foreign seller.
How do I avoid FIRPTA withholding?
The only other way to avoid FIRPTA is via a withholding certificate. If FIRPTA withholding exceeds the maximum tax liability realized on the sale of the real property, sellers can appeal to the IRS for a lower withholding amount.
Who should file form 8288?
A transferee must file Form 8288 and transmit the tax withheld to the IRS by the 20th day after the date of transfer. You must withhold even if an application for a withholding certificate is or has been submitted to the IRS on the date of transfer.
What is a form 8288-A?
About Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests.
What is form 8288-a copy B?
Form 8288. The tax withheld on the acquisition of a U.S. real property interest from a foreign person is reported and paid using Form 8288. Form 8288 also serves as the transmittal form for copies A and B of Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests.
What does FIRPTA mean for a buyer?
The Foreign Investment in Real Property Transfer Act (FIRPTA) requires any buyer of a U.S. real property interest to withhold ten percent of the amount realized by a foreign seller.
How do you avoid FIRPTA?
The only other way to avoid FIRPTA is via a withholding certificate. If FIRPTA withholding exceeds the maximum tax liability realized on the sale of the real property, sellers can appeal to the IRS for a lower withholding amount.
How do I get my FIRPTA withholding refund?
You can file a Form 843 (Claim for Refund), together with a Form 8288-B, to show the estimated tax on the sale. This is the IRS's official process for obtaining an early refund of FIRPTA withholding.
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