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FIRPTA Withholding: A Foreign Person Sells a U.S. Real Property Interest - USRPI 2 Credits

Jan 30, 2024, 09:00 AM ET

FIRPTA Withholding: A Foreign Person Sells a U.S. Real Property Interest - USRPI 2 Credits

  • Jean Mammen

    EA, FSO (ret.)
  • Rating

    4.5
  • Reviewed on

    February, 2024
  • Subject Area

    Taxes

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Jan 30, 2024, 09:00 AM ET

Learning Objective

  • Understand when FIRPTA applies to gross proceeds from a transaction.
  • Know when and how to use Forms 8288 (A) Form 8288 – Withholding Tax Return (B) Form 8288-A – Statement of Withholding (C) Form 8288-B – Application for a Withholding Certificate
  • Form 8288-A – Statement of Withholding
  • Form 8288-B – Application for a Withholding Certificate
  • Understand the possible role of Form 8288-B in limiting over-withholding and improving the taxpayer experience
  • Know the exceptions to the General Rule that 15% of gross proceeds are withheld at settlement
  • Know how a simple USRPI transfer by an individual is reported
  • See how Forms 8288 and 8288-B interact when other withholding rates are appropriate, particularly for entities and in Part II of Form 8288
  • Know where to find detailed guidance on complex situations
  • Know how to handle an ITIN application

Course Overview

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. 

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.

Podcast Credits

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On Demand Credits

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Additional Information

Credits

2

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

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.

About Instructor

U.S. Tax Filing for Noncitizens  CE/CPE Courses with Jean
Jean Mammen , EA, FSO (ret.)

Enrolled Agent & CEO, 1040nror1040

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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.

Areas of Expertise

Jean Mammen’s areas of expertise include

  • Determining correct U.S. income tax filing for noncitizens of the United States, tax form, filing requirements, income to be reported, how the income is taxed
  • Identifying and correctly handling basic income and tax rate provisions and bilateral income tax treaty income exclusions summarized in Tax Treaty Tables I and II on www. IRS.gov
  • Understanding the information and income filing requirements for Form 1040 filers with foreign income, foreign earned income exclusion or foreign tax credit, foreign bank and financial accounts, large foreign gifts, foreign assets, simple foreign trust situations. Understanding the procedures for filing delinquent foreign information reports
  • Best procedures for buyer and seller of a U.S. real property interest owned by a non U.S. person according to FIRPTA provisions (Foreign Interest in Real Property Tax Act (IRC 1445) to minimize over withholding.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course 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.

How are credits reported to governing bodies?

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.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

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.

How can I access my webinar completion certificates?

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.

How are credits reported to governing bodies?

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.

Ratings and Review

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Simon Sabir, CPA (US)

She was very good explaining how to approach the probelms and where we can get more information.

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Hugo I Granda, EA

She is very knowledgeable. I like her... a grandmom teaching and sharing her knowledge. TY.

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