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Form 8288-A Texas: What You Should Know

There is the foreign seller/investor and The Foreign Real Property Tax Act There are several forms and documents that a seller or transferee will need, depending on the type of transaction. They include: Form RPT-3 — Form U.S. Real Property Interests This form is used in determining the amount of tax that will be paid based upon foreign real property interest's fair market value. The seller will provide the seller's tax identification number. The seller will provide the IRS with an amended or new U.S. Tax Return. For the purpose of filing a tax return, the tax identification number will have been determined by the IRS. The amount of tax (or withholding) owed will be reported on form RPT-3 by the seller on the 10th day of the 3rd month following the close of its taxable year to the IRS. See the Instructions for Form RPT-3 for a full explanation of this form. The IRS will determine the amount of foreign tax liability for the sale of the foreign real property interest using anyone or more of the following: Estimate of market value for the asset on the date of sale; Foreign tax rate on the sale of such interests; Estimate of cost of acquisition of or construction of such assets; and The seller's tax identification number (SAN) or the sale date, if not the date of sale but the date the foreign real property interest was acquired or constructed. The foreign investor must file a separate Form 941-DIV, Dividends from Foreign Properties, for all payments on foreign real property interests when a foreign real property interest is sold. Form NTSB — U.S. Real Property Income Tax This form is used by the foreign investor to assess any payments on its U.S. real property interest that exceed any withholding amount, provided it is paid more than 60 days after the date of the tax liability. A non-resident alien investor's tax will typically be higher than a resident alien investor's, based on their share of foreign earnings. It is important to note that the foreign investor is responsible for paying the additional U.S. income taxes due on the excess amount of withholding. For more information, please see the Instructions for Form NTSB. For information about the U.S. income tax on transactions involving foreign real property interests, please consult IRS Publication 2, Tax Guide for U.S. Real Property Properties, Pub.

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