This Non-Foreign Affdavit Under Internal Revenue Code 1445 is for a seller of real property to sign stating that he or she is not a foreign person as defined by the Internal Revenue Code Section 26 USC 1445. This document must be signed and notarized.
Bakersfield California Non-Foreign Affidavit Under IRC 1445
Category:
State:
California
City:
Bakersfield
Control #:
CA-CLOSE7
Format:
Word;
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FAQ
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.
What Is a Certification of Non-Foreign Status? With a Certification of Non-Foreign Status, the seller of real estate is certifying under penalty of perjury, that the seller is not foreign. Therefore, the seller and the transaction will not have the withholding requirements.
If you're buying property, you should make sure the seller signs a FIRPTA Affidavit to protect yourself. You shouldn't take the seller's word for it ? or you could face serious penalties for not abiding by FIRPTA rules if they apply. A buyer can be penalized for not determining or disclosing a foreign seller.
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.
FIRPTA authorized the United States to tax foreign persons on dispositions of U.S. real property interests. A disposition means ?disposition? for any purpose of the Internal Revenue Code. This includes but is not limited to a sale or exchange, liquidation, redemption, gift, transfers, etc.
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.
In general, IRC § 1445 requires the purchaser of a USRPI from a foreign person to withhold 10 percent (or more) of the amount realized on the disposition.
A citizen or resident of the United States, ? A domestic partnership, or ? A domestic corporation, or ? An estate or trust (other than a foreign estate of foreign trust as those terms are defined in Section 7701 (a) (31) of the Code.
Certification of Non-Foreign Status means an affidavit, signed under penalty of perjury by an authorized officer of Borrower, stating (a) that Borrower is not a ?foreign corporation,? ?foreign partnership,? ?foreign trust,? or ?foreign estate,? as those terms are defined in the Code and the regulations promulgated
