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Form 8288-A ND: What You Should Know

Form 8288 must be filed if any of the following applies: Purchase price is greater than 1M Purchase price is greater than 15M Purchase price is greater than 50M Purchase price is greater than 75M Purchase price exceeds 150M Purchase price exceeds 300M in any calendar year It is important to understand that any purchase price under the threshold amount of 25M for a primary residence is included in all forms of income. This means that if all sales proceeds were too non-U.S. persons, a federal tax liability would be made by the buyer's U.S. partner or owner. If, on a future purchase of a particular property to U.S. persons, a reduction in price is not realized until the sale and does not satisfy the requirement of   Form 8288, U.S. Withholding Tax Return for Dispositions Form 8288 and Form 8288-A Can Be Used At The Same Time Many people mistakenly assume that if Forms 8288-A and/or Form 8288-B are used within a single year, one must be used immediately when Form 8288-A is filed. This is not true. Both Forms 8288 can be used concurrently, even if both have been filed the year before. This is because both forms (and all attachments) need to be filed and e-filed within 30 calendar days of the transaction date (see the list of time codes).  How To Use U.S. Withholding Tax How To Report To The IRS When you have received an IRS Form 8288, you must follow the instructions contained in the form to report your U.S. gross income to the IRS. You should check the box for “withheld taxes,” “filed foreign tax return,” and “will file a foreign tax return” on any U.S. Form 8288 that is received. After filing the form, include a statement of all withholding in box 2. The statement must be made on your copy of the form, not the original. If you need to know any of the information on your U.S. non-tax return, you should consult your tax preparer. If this is a tax return you are preparing, and you do not file a separate U.S. tax return for this tax, or for any part of it, the U.S.

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