Michigan Seller's Affidavit of Nonforeign Status
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How to fill out Seller's Affidavit Of Nonforeign Status?
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FAQ
FIRPTA protects the buyer. Although the purpose of the law is to ensure that the IRS is able to collect the applicable income tax on a transaction, it has the secondary benefit of protecting the buyer by covering the projected amount for which they will be held liable.
In most cases, the buyer (transferee) is the withholding agent. The transferee must find out if the transferor is a foreign person. If the transferor is a foreign person and the transferee fails to withhold, the transferee may be held liable for the tax.
FIRPTA , which stands for Foreign Investment in Real Property Tax Act, is a Retention of 15% of the sale price of a US property being sold by a Non-Resident. ContadorMiami can help you with any FIRPTA Transaction.
The Foreign Investment in Real Property Tax Act (FIRPTA) is a tax imposed on the amount realized from the sale of real property owned by a foreign seller.
FIRPTA in Summary: When a foreign citizen or company sells a U.S. real estate property, the buyer must withhold 10% (if the seller is an individual) or 35% (if the seller is a business entity of the selling price under the FIRPTA. If the buyer fails to follow the rule they are liable for the whole of the seller's tax.
A FIRPTA affidavit, also known as Affidavit of Non-Foreign Status, is a form a seller purchasing a U.S. property uses to certify under oath that they aren't a foreign citizen. The form includes the seller's name, U.S. taxpayer identification number and home address.
