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This form is used to report and transmit the amount withheld when a U.S. real property interest is acquired from a foreign person. It outlines the withholding obligations imposed under section 1445
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How to fill out form 8288
How to fill out Form 8288
01
Obtain Form 8288 from the IRS website or your tax advisor.
02
Fill in the top section with the name and address of the withholding agent.
03
Provide the name, address, and taxpayer identification number (TIN) of the transferor (seller).
04
Describe the real property being transferred in detail.
05
Enter the amount realized from the sale.
06
Complete the section for payment of the withholding tax.
07
Sign and date the form.
08
Submit the form along with the payment to the appropriate IRS office.
Who needs Form 8288?
01
Foreign investors who sell or transfer U.S. real property interests.
02
Withholding agents responsible for collecting tax on the sale of U.S. real property by foreign sellers.
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What is IRS form 8288 for?
Buyers (transferees), who are generally the withholding agents, must use Forms 8288 and 8288-A to report and pay to the IRS any tax withheld on the acquisition of U.S. real property interests from foreign persons.
Who fills out form 8288 B?
Form 8288 B – Prepared and submitted by the purchaser or seller 3 months before the sale or closing of the contract of sale to the IRS with a request for the reduced tax or exemption from FIRPTA tax withholding. A transferor looking to reduce or eliminate the FIRPTA withholding amount must file Form 8288-B.
How long does it take to process form 8288 B?
A transferor that applies for a withholding certificate must notify the transferee in writing that the certificate has been applied for on the day of or prior to the transfer. The IRS will normally act on an application within 90 days of receipt of all information necessary to make a proper determination.
Who prepares form 8288?
The transferee must prepare a Form 8288–A for each person from whom tax has been withheld, attach copies A and B of Form 8288–A to Form 8288, and keep Copy C for their records.
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What is Form 8288?
Form 8288 is a tax form used by the Internal Revenue Service (IRS) for withholding tax on the disposition of U.S. real property interests by foreign persons.
Who is required to file Form 8288?
Form 8288 must be filed by the buyer or transferee of a U.S. real property interest when the seller or transferor is a foreign person.
How to fill out Form 8288?
To fill out Form 8288, provide the required information about the transaction, seller, buyer, and the amount of consideration paid, along with necessary tax withholding details. It is important to follow the instructions provided on the form.
What is the purpose of Form 8288?
The purpose of Form 8288 is to report and remit tax withheld on the sale of U.S. real property interests by foreign sellers, ensuring compliance with U.S. tax laws.
What information must be reported on Form 8288?
Form 8288 requires reporting of the seller's and buyer's information, details about the property sold, the amount realized from the sale, and the amount of tax withheld.
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