Utah 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
The Seller's Affidavit of Non-Foreign Status ( AS-14) is used to document the exemption if the Seller is not a NRA. This can be signed by a: US citizen; US green card holder; or. Non-citizen who meets the substantial presence test (based on the number of days actually present in the US).
The Foreign Investment in Real Property Tax Act of 1980, also known as FIRPTA, may apply to your purchase. FIRPTA is a tax law that imposes U.S. income tax on foreign persons selling U.S. real estate.
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.
Qualified Substitute is the Default. The seller will then manually complete Paragraph 3B and provide the form to the title or escrow company acting as the qualified substitute. The title or escrow company may use C.A.R. Form QS, or its own form, to satisfy its obligation to notify the buyer.
BASIC RULES UNDER FIRPTA If the seller is a foreign entity or person, the buyer must withhold the 10% and remit the tax to the IRS within 20 days of the date of closing. If the buyer fails to do so, the buyer is liable to the IRS for the tax that should have been withheld plus penalties and interest.
Certification of Non-Foreign Status FIRPTA is the Foreign Investment in Real Property Act. If you are selling real estate in the United States, the IRS requires certain disclosures to avoid non-U.S. Persons from escape U.S. Tax on the sale of U.S. Real Estate.
The seller (transferor) gives the transferee a certification stating, under penalties of perjury, that the transferor is not a foreign person. The certification should contain the transferor's name, U.S. taxpayer identification number, and home address (or office address, in the case of an entity).
AFFIDAVIT OF NON-FOREIGN STATUS. Exhibit 10.6. AFFIDAVIT OF NON-FOREIGN STATUS. Section 1445 of the Internal Revenue Code provides that a buyer of a United States real property interest must withhold tax if the seller is a foreign person.
