FIRPTA Withholding: A Foreign Person Sells a U.S. Real Property Interest - USRPI 2 Credits
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People who buy or sell a U.S. Real Property Interest (USRPI) may be considered foreign, not a U.S. individual or entity. They may be based outside the U.S. They may not usually file a U.S. income tax return.
When FIRPTA, IRC 897, was enacted in 1980, proceeds received by a foreign transferor/seller were designated as Effectively Connected Income, ECI, and subject to payment of U.S. income tax. However, there was no mechanism to ensure compliance with U.S. tax law.Â
Gradually, tax code provisions were added to encourage and enforce compliance:
IRC 1445 in 1985 made the transferee/buyer responsible for collecting and remitting the withholding tax at settlement.
IRC 1446 addressed withholding on a foreign partner’s share of ECI
In 2003, an amendment specified that TINs for foreign persons must be entered on the forms. The enhancements continue. Some procedures became effective in 2021, another will become effective in 2023. Others are still in draft, and not yet final or not yet in effect.
This Tax webinar gives an overview of the current rules and forms associated with FIRPTA: Forms 8288, Withholding Tax Return; 8288-A, Statement of Withholding; 8288-B, Application for a Withholding Certificate.
It also guides obtaining an ITIN for use on these forms for foreign persons who do not have a U.S. TIN.
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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
Jean Mammen is the author of “1040NR? or 1040? U.S. Income Tax Returns for Visa Holders + International Organization and Foreign Embassy Employees”, 7th Classic Edition. She writes blog posts, seminars, and webinars on a variety of international topics affecting individuals.
Her specialty is the income tax concerns of international individuals with a U.S. income tax filing requirement. Jean’s perspective comes from spending 30 years among people who live or work outside their country of citizenship. She was a Peace Corps Volunteer and a Foreign Service Officer.
Jean is an Enrolled Agent and a member of NAEA and NATP
Internet and social media Presence:
Jean Mammen’s website, www.1040nror1040.com , includes “Sample Returns” with three case studies. The first case has a simple Form 1040-NR return for an individual who changed from an F1 student visa to an H1-B work visa. The second and third cases are for twin J1 visa holders qualifying for a treaty income exclusion. One is a second year filer on Form 1040-NR, one a third year filer on Form 1040.
Jean answers tax questions from tax professionals and individuals on the NAEA webboard and TaxMama’s ® Tax Forum.
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Jean Mammen’s areas of expertise include
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
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