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STATE OF SOUTH CAROLINA 1350 DEPARTMENT OF REVENUE I290 (Rev. 3/10/15) 3271 NONRESIDENT REAL ESTATE WITHHOLDING Mail to: South Carolina Department of Revenue, Real Estate Withholding, Columbia, SC

How to fill out nonresident real estate withholding

How to fill out nonresident real estate withholding:

1. Obtain the necessary forms: In order to fill out nonresident real estate withholding, you will first need to obtain the required forms. This usually includes Form 8288, Application for Withholding Certificate, and Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests.
2. Fill out the forms: Carefully fill out all the required information on the forms. This may include details such as the taxpayer's name, address, tax identification number, and the property information. Follow the instructions provided on the forms to ensure accurate completion.
3. Calculate the withholding amount: Determine the amount that needs to be withheld based on the sale price of the property. The calculation is usually based on a percentage specified by the Internal Revenue Service (IRS). Consult the IRS guidelines or seek professional advice to accurately calculate the withholding amount.
4. Submit the forms and payment: Once the forms are completed and the withholding amount is calculated, submit the forms along with the payment to the appropriate IRS office. Ensure that all required signatures and attachments are included.
5. Keep a record: It is important to keep a record of the nonresident real estate withholding forms and payments for future reference and potential audits. This record should include copies of the forms, proof of payment, and any correspondence related to the withholding.

Who needs nonresident real estate withholding:

1. Foreign sellers: Nonresident real estate withholding is typically applicable to foreign individuals or entities selling U.S. real property interests. These individuals or entities may include foreign investors, non-U.S. citizens, or foreign corporations.
2. Sellers of U.S. real property interests: If you are selling a U.S. real property interest and you are not a U.S. citizen or resident, you may be subject to nonresident real estate withholding. This applies regardless of whether the property is residential or commercial, and whether it is being sold at a profit or a loss.
3. Compliance with tax laws: Nonresident real estate withholding is required to ensure compliance with U.S. tax laws. By withholding part of the sales proceeds, the IRS aims to collect any potential taxes owed by foreign sellers on their U.S. real estate transactions.

In conclusion, filling out nonresident real estate withholding involves obtaining the necessary forms, accurately completing them, calculating the withholding amount, and submitting the forms along with payment to the IRS. It is primarily required for foreign sellers or individuals/entities selling U.S. real property interests to ensure compliance with tax laws.

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What is nonresident real estate withholding?

Nonresident real estate withholding is a tax that is required to be withheld from the proceeds of the sale of real estate when the seller is a nonresident of the state or country in which the property is located.

Who is required to file nonresident real estate withholding?

The party responsible for closing the real estate transaction is typically required to file nonresident real estate withholding. This may include the title company, attorney, or real estate agent.

How to fill out nonresident real estate withholding?

Nonresident real estate withholding forms can typically be filled out online or submitted in paper form. The forms will require information about the seller, the property, and the withholding amount.

What is the purpose of nonresident real estate withholding?

The purpose of nonresident real estate withholding is to ensure that nonresident sellers pay any applicable taxes on the sale of real estate. This helps to ensure compliance with tax laws and prevent tax evasion.

What information must be reported on nonresident real estate withholding?

The information that must be reported on nonresident real estate withholding forms typically includes details about the seller's identification, the property being sold, the sale price, and the amount of withholding.