Virginia 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
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.
If the buyer fails to comply with the FIRPTA withholding requirements, then they may be held liable for the tax owed?in addition to penalties and interest.
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.
If you have a FIRPTA obligation, you must withhold 15% of the amount a foreign person realized on the sale of U.S. real property interest. This amount can be in the sum of cash paid to the foreign person, the fair market value of the transferred property, or the amount of liability a transferee assumes.
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.
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.
Apply for an exemption by filing an IRS Form 8288 on or before date of settlement OR pay 10% of the sales price directly to the IRS via the closing agent.
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.
