How to Navigate FIRPTA | The Foreign Investment in Real Property Tax Act of 1980
Channel: Kevin Tacher Florida Real Estate
Date: 2017-04-25

Do you withhold? Are you exempt? KNOW BEFORE YOU LIST!

On this episode we are going to cover How to Navigate FIRPTA | The Foreign Investment in Real Property Tax Act of 1980.

The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), is a US tax law that imposes income tax on foreign persons disposing of United States real property interests. Tax is imposed at regular tax rates for the type of taxpayer on the amount of gain considered recognized. Purchasers of real property interests are required to withhold tax on payment for the property. Withholding may be reduced from the standard 15% to an amount that will cover the tax liability, upon application in advance of sale to the Internal Revenue Service.

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