Non Foreign Affidavit Form
Description
How to fill out Colorado Non-Foreign Affidavit Under IRC 1445?
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FAQ
In order to avoid issues with FIRPTA, the seller will sign an Affidavit and certify status. Otherwise, various pesky IRS forms, such as Form 8288 may be required.
There are two different types of FIRPTA Certifications: one for individuals (natural persons) and another for entities (e.g., corporation, partnership, limited liability company, etc.). The FIRPTA Certification must be signed by all transferors (sellers).
The FIRPTA law says that if the seller is a foreign person, the transferee i.e. the buyer, is the Withholding Agent3 that is legally responsible for collecting the tax and forwarding it to the IRS.
FIRPTA stands for Foreign Investment In Real Property Tax Act (26 USC §1445). It is a tax law designed to ensure payment of tax to the Internal Revenue Service (IRS), as may be due, when US property is sold by any foreign person.
foreign person affidavit is made by a seller of a real property stating that s/he is a nonforeign seller as defined by the Internal Revenue Code Section 26 USC 1445. The nonforeign affidavit is required to afford the buyer with guarantee that the seller is not a foreign person.