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ID Form 8288-A: What You Should Know

Form 8288-A requires a Form 1099-INT for foreign residents, but the IRS does not use tax income from those tax returns because they are not treated as income in the United States. The Form 1099-INT will show the value of the property in U.S. dollars and the tax liability, and include instructions for filing a refund request. Form 8288-A is useful for transferring rights to certain properties in a U.S. possession to a U.S. resident when the transferee has earned U.S. tax income. Foreign transferor and transferee share the same tax liabilities after a transfer, the tax liability of the transferor is not taxable in the United States, and the transferee may be subject to withholding of U.S. taxes (under a non-reporting foreign country law) on the transferee's income. The Form 8288-A is effective for the year in which it is submitted, but not for subsequent years. The IRS will withhold from the transfer's foreign tax credit on its return a portion of the transferor's income tax withholding (if any) calculated on the fair market value of the property that would be subject to U.S. tax withholding. The value of this withholding is not available on the Form 1099-INT. The reason you do not have the Form 1099-INT from your international transferor is that the IRS does not have the name and current address of that transferor. You should check your return for details. If you pay all or part of the transferor's withholding, your entire tax payment will be subject to tax withholding by the IRS. The amount of the withholding will usually be added to your tax bill, or in some cases, applied against your other taxes as adjustments for returns and calculations. If your tax bills are adjusted, the U.S. tax liability from your transferor will not be applied against your tax bill, but the IRS may contact you for the amount withheld. If you do not want to have the tax withheld from your tax return, you must complete Form 8289, Statement of Withholding to be submitted with your international tax return, to have your tax withheld from this transfer. Do not fill out any other forms. To find out why you were asked to do it, take the time to consult a tax advisor. Form 8289 must be filed by February 5, 2023, to cover the withholding on the transfer.

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