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This form is used to report and transmit the amount withheld under section 1445 when a U.S. real property interest is acquired from a foreign person. It applies to buyers, corporations, partnerships,
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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 a local office.
02
Fill in the taxpayer's name and address in the designated fields.
03
Provide the taxpayer identification number (TIN) for the seller or transferor.
04
Enter the name and address of the buyer or transferee.
05
Complete the details of the transaction, including the date of transfer and property description.
06
Calculate the withholding amount based on the sale price of the U.S. real property interest.
07
Sign and date the form.
08
Submit the form to the IRS along with the applicable payment.
Who needs Form 8288?
01
Foreign individuals or entities that sell U.S. real property interests are required to file Form 8288.
02
Buyers or transferees who purchase U.S. real estate from foreign sellers are also responsible for filing this form.
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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) in the United States for withholding tax purposes on the sale of U.S. real estate by foreign persons.
Who is required to file Form 8288?
Form 8288 must be filed by the buyer of the U.S. real estate who is required to withhold tax on the sale made by a foreign seller.
How to fill out Form 8288?
To fill out Form 8288, the buyer must provide information about the transaction, including details about the seller, the property, and the amount withheld. The form must be signed and filed with the IRS along with the payment of any taxes withheld.
What is the purpose of Form 8288?
The purpose of Form 8288 is to ensure that taxes are withheld on the sale of U.S. real estate by foreign individuals or entities, thus complying with federal tax laws.
What information must be reported on Form 8288?
Form 8288 requires reporting of the seller's name, address, identification number, the property's address, the amount realized from the sale, and the amount of tax withheld.
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