Complete Part I or Part II. Also complete and attach Copies A and B of Form s 8288-A. Attach additional sheets if you need more space. Firm s name For Privacy Act and Paperwork Reduction Act Notice see separate instructions. Title if applicable Check if self-employed PTIN Cat. No. 62260A Form 8288 Rev. 4-2018. Form Rev* April 2018 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...Go to www*irs*gov/Form8288 for instructions and the latest information* If this is an amended return check here. Part I To Be Completed by the Buyer or Other Transferee Required To Withhold Under Section 1445 a Name of buyer or other transferee responsible for withholding. See instructions. Identifying number Street address apt. or suite no. or rural route. Do not use a P. O. box. City or town province or state country and ZIP or foreign postal code Description and location of property acquired...Date of transfer Phone number optional Complete all items that apply. Enter dollar amounts on applicable lines. a b c Amount subject to withholding at 15. Withholding is at a reduced rate. See instructions Number of Forms 8288-A attached Total amount withheld Name of entity or fiduciary responsible for withholding. See instructions. Description of U*S* real property interest transferred or distributed d e Large trust election to withhold at distribution Paid Preparer Use Only Under penalties of...perjury I declare that I have examined this return including accompanying schedules and statements and to the best of my knowledge and belief it is true correct and complete. Declaration of preparer other than taxpayer is based on all information of which preparer has any knowledge. Sign Here Signature of withholding agent partner fiduciary or corporate officer Print/Type preparer s name Preparer s signature Date Firm s EIN Firm s address Phone no. Part I To Be Completed by the Buyer or Other...Transferee Required To Withhold Under Section 1445 a Name of buyer or other transferee responsible for withholding. See instructions. Identifying number Street address apt. or suite no. or rural route. Do not use a P. See instructions. Identifying number Street address apt. or suite no. or rural route. Do not use a P. O. box. City or town province or state country and ZIP or foreign postal code Description and location of property acquired Date of transfer Phone number optional Complete all...items that apply. O. box. City or town province or state country and ZIP or foreign postal code Description and location of property acquired Date of transfer Phone number optional Complete all items that apply. Enter dollar amounts on applicable lines. a b c Amount subject to withholding at 15. Withholding is at a reduced rate. Enter dollar amounts on applicable lines. a b c Amount subject to withholding at 15. Withholding is at a reduced rate. See instructions Number of Forms 8288-A attached...Total amount withheld Name of entity or fiduciary responsible for withholding.
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Instructions and Help about IRS 8288
How to edit IRS 8288
How to fill out IRS 8288
Instructions and Help about IRS 8288
How to edit IRS 8288
To edit IRS 8288, you should ensure you have the latest version of the form available. You can download it from the IRS website or use a reliable form-filling service like pdfFiller to make necessary changes. Simply upload the form to the platform, use the editing tools to modify any fields as required, and ensure all information is accurate before finalizing your submission.
How to fill out IRS 8288
Filling out IRS 8288 involves several steps to ensure compliance with tax regulations. Follow these procedures:
01
Obtain the IRS 8288 form from the IRS website or a trusted tax form provider.
02
Read the instructions included with the form to understand the requirements.
03
Complete the form accurately, entering all required information regarding the transaction and parties involved.
04
Review the form for any errors and ensure signatures are provided where needed.
05
Submit the completed form to the appropriate IRS office as outlined in the instructions.
About IRS 8 previous version
What is IRS 8288?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
Due date
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 8 previous version
What is IRS 8288?
IRS 8288 is a tax form used by withholding agents in the United States to report and pay the federal income tax withheld on certain dispositions of U.S. real property interests by foreign persons. This form is crucial for complying with the Foreign Investment in Real Property Tax Act (FIRPTA), which requires withholding on the sale of property by foreign sellers.
What is the purpose of this form?
The purpose of IRS 8288 is to ensure that federal income tax is collected on the proceeds of real property sales involving foreign entities. It acts as a withholding mechanism that protects the government against potential tax avoidance by non-resident aliens or foreign corporations selling U.S. real estate.
Who needs the form?
Any buyer or withholding agent involved in the purchase of U.S. real property interests from a foreign seller is required to complete IRS 8288. This includes individuals, partnerships, corporations, or any other entities acting as the buyer in a relevant transaction.
When am I exempt from filling out this form?
Exemptions from filing IRS 8288 are limited. Generally, if the total amount realized from the property transfer is less than $300,000 and the buyer intends to use the property as their personal residence, no withholding is required, and thus the form does not need to be filed.
Components of the form
IRS 8288 includes several important components that necessitate specific information input. Key sections consist of details about the transferor (the seller), the transferee (the buyer), and the specifics of the transaction, including the sale price and any amounts withheld for tax purposes.
Due date
IRS 8288 is due at the time of the transaction. The buyer must complete and file the form with the IRS along with any required payments by the 20th day after the date of the sale or disposition of property to avoid potential penalties.
What are the penalties for not issuing the form?
Failure to issue IRS 8288 can lead to significant penalties. The IRS may impose fines for the failure to withhold the required taxes, which can amount to a percentage of the withholding amount not submitted, along with additional penalties for late filings.
What information do you need when you file the form?
When filing IRS 8288, you must include pertinent details such as the name, address, and identification number of both the transferor and transferee. Additionally, you will need to provide the sale price and the amount withheld as tax, among other specific transaction details.
Is the form accompanied by other forms?
IRS 8288 may need to be accompanied by additional forms in specific situations, such as IRS Form 8288-A. This accompanying form serves as a statement regarding the tax withheld and should be issued to the seller to document the withholding tax correctly.
Where do I send the form?
Once completed, IRS 8288 must be sent to the address specified in the form’s instructions. Typically, this involves mailing the form to the appropriate office designated for processing tax documents related to real property transactions involving foreign persons.
FAQ about IRS 8288
What should I do if I realize I've made a mistake on my form 8288 after submission?
If you discover an error on your submitted form 8288, you should file an amended return. This involves submitting a new form 8288 with the corrected information, clearly marking it as an amended return to avoid processing delays.
How can I track the status of my form 8288 after submission?
You can track the status of your form 8288 by using the IRS tracking system or by contacting the IRS directly. Make sure to have necessary details on hand, such as your submission date and any reference numbers, as these can help expedite your inquiry.
What should I do if I receive a notice from the IRS regarding my form 8288?
If you receive a notice from the IRS about your form 8288, carefully review the letter to understand the issue. Prepare any required documentation for a response and, if needed, seek assistance from a tax professional to ensure compliance and accuracy in your reply.
Are there specific technical requirements for e-filing form 8288?
Yes, when e-filing form 8288, ensure your software is compatible with IRS specifications. This includes meeting certain browser requirements and having a stable internet connection to avoid errors during the submission process.
What are some common mistakes to avoid when filling out form 8288?
To avoid common mistakes on form 8288, double-check all information for accuracy, especially names and tax identification numbers. Also, ensure that all required boxes are filled out to prevent rejection or delays in processing.
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