IRS 8288 2017 free printable template

If this is an amended return check here. Complete Part I or Part II. Also complete and attach Copies A and B of Form s 8288-A. For Privacy Act and Paperwork Reduction Act Notice see separate instructions. Title if applicable PTIN Cat. No. 62260A Form 8288 Rev. 2-2017. Form Rev. February 2017 Department of the Treasury Internal Revenue Service U.S. Withholding Tax Return for Dispositions by Foreign Persons of U.S. Real Property Interests OMB No. 1545-0902 Information about Form 8288 and its...

How to fill out IRS 8288

How to fill out IRS 8288

1. Obtain IRS Form 8288 from the official IRS website or a tax professional.
2. Fill in your name, address, and taxpayer identification number at the top of the form.
3. Specify the type of withholding agent in the designated section.
4. Provide the information of the taxpayer and the foreign seller, including names, addresses, and taxpayer identification numbers.
5. Indicate the type of property involved in the transaction.
6. Calculate the amount of tax withheld based on the sale price or agreed-upon price.
7. Complete the withholding amount section based on the calculations you made.
8. Sign and date the form, certifying that the information provided is accurate.
9. Submit the completed form to the IRS and provide a copy to the foreign seller.

Who needs IRS 8288?

1. Any withholding agent involved in the sale or exchange of a U.S. real property interest by a foreign person must file IRS Form 8288.
2. Real estate professionals and businesses that handle transactions with foreign sellers are also required to complete this form.

Instructions and Help about IRS 8288

All right in this video I wanted to cover IRS form 8288 this is a form that is filed when you as a buyer purchase real estate that is owned by a non-us person so if you're a buyer of a piece of real property in the United States and the seller on the other end of this thing is not a U.S. person which is quite common these days you as the buyer are going to be obligated under the tax code to withhold tax on the sale of that property file this form and then pay the withholding tax to the IRS now this rule exists because under the internal revenue tax code the sale of U.S. property by a foreign person is subject to tax right it's U.S. source effectively connected income, but most foreign persons don't have to file tax returns so in order to make sure the IRS gets their cut of the money you as the buyer have to do this so in this example we have this is a real estate investment partnership, so it's an LLC filing a form 1065 every year, so it's a real estate partnership based out of...

People Also Ask about

What is the purpose of form 8288?

Form 8288. The tax withheld on the acquisition of a U.S. real property interest from a foreign person is reported and paid using Form 8288. Form 8288 also serves as the transmittal form for copies A and B of Form 8288-A. Generally, transferees must file Form 8288 by the 20th day after the date of the disposition.

What is 8288-a statement of withholding?

Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests, is a form that shows the FIRPTA withholding allocated to each seller. There are three copies of Form 8288-A: Copy A, B, and C. Copy C is retained in the buyer's files.

What is the purpose of form 8288-B?

Foreign persons use this form to apply for a withholding certificate to reduce or eliminate withholding on dispositions of U.S. real property interests.

What is the tax code 8288?

Who files form 8288? Unfortunately, it is not limited to individuals. Rather, “A buyer or other transferee of a U.S. real property interest, and a corporation, qualified investment entity, or fiduciary that is required to withhold tax, must file TIP Form 8288 to report and transmit the amount withheld.

Who is the withholding agent on form 8288-A?

Withholding Agent is the buyer (transferee) and is responsible for withholding and remitting the withheld amount on Form 8288/8288-A. The withholding agent is subject to penalties, interest, and the amount of tax required to be withheld.

What is an 8288 form?

Form 8288. The tax withheld on the acquisition of a U.S. real property interest from a foreign person is reported and paid using Form 8288. Form 8288 also serves as the transmittal form for copies A and B of Form 8288-A.

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What is IRS 8288?

IRS Form 8288 is a tax form used by the Internal Revenue Service (IRS) in the United States for reporting and remitting the withholding tax on the disposition of U.S. real property interests by foreign persons.

Who is required to file IRS 8288?

Foreign persons or entities who sell, exchange, or otherwise dispose of U.S. real property interests are required to file IRS Form 8288 and remit the withholding tax.

How to fill out IRS 8288?

To fill out IRS Form 8288, provide information such as the seller's name, address, and taxpayer identification number (TIN), details about the property sold, the amount realized, and calculate the applicable withholding tax to remit directly to the IRS.

What is the purpose of IRS 8288?

The purpose of IRS Form 8288 is to ensure that the appropriate taxes are withheld from foreign sellers of U.S. real property, thereby allowing the IRS to collect taxes owed on those transactions.

What information must be reported on IRS 8288?

Form 8288 must report the seller's details, the property description, the sale amount, and the calculated withholding tax to be remitted to the IRS.