Get the free Form 8288

This form is used to report and transmit amounts withheld when a U.S. real property interest is acquired from a foreign person. It details the withholding obligations of buyers and transferees, outlining

How to fill out form 8288

How to fill out Form 8288

1. Obtain a copy of Form 8288 from the IRS website.
2. Fill in the taxpayer's name, address, and taxpayer identification number at the top of the form.
3. Enter the name and address of the transferor (the person or entity transferring the property).
4. Provide the description of the property being transferred, including the type and location.
5. Indicate the amount realized from the sale of the property.
6. Calculate the withholding amount based on the applicable rate and enter it in the relevant field.
7. Sign and date the form to certify that the information provided is true and correct.
8. Submit the completed Form 8288 to the IRS at the address specified in the form instructions.

Who needs Form 8288?

1. Form 8288 is needed by withholding agents who are required to withhold tax on the transfer of U.S. real property interests by foreign persons.

People Also Ask about

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.

For pdfFiller’s FAQs

What is Form 8288?

Form 8288 is a tax form used by the Internal Revenue Service (IRS) in the United States for reporting and collecting tax on the sale of U.S. real property by foreign persons. It is primarily for use by the withholding agent.

Who is required to file Form 8288?

Form 8288 must be filed by the withholding agent, which is typically the buyer of the U.S. real property, when the seller is a foreign person. The form is required to report and pay the withholding tax on the sale.

How to fill out Form 8288?

To fill out Form 8288, the withholding agent must provide information about the transaction, including the buyer's and seller's names, addresses, and taxpayer identification numbers, as well as specific details about the property sold and the sale price. It's important to follow the instructions attached to the form carefully to ensure accurate completion.

What is the purpose of Form 8288?

The purpose of Form 8288 is to ensure compliance with U.S. tax law by collecting the withholding tax on the sale of U.S. real property by foreign sellers. It serves to report the amount of tax withheld and to transmit that amount to the IRS.

What information must be reported on Form 8288?

Form 8288 requires the reporting of various pieces of information, including the names and addresses of the buyer and seller, the seller's taxpayer identification number, the property description, the amount realized from the sale, and the amount of tax withheld.