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This form is used by withholding agents to report the withholding of federal income tax on dispositions of U.S. real property interests by foreign persons. It includes details such as the amount realized,
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How to fill out form 8288-a
How to fill out Form 8288-A
01
Obtain Form 8288-A from the IRS website or a local IRS office.
02
Provide the name, address, and taxpayer identification number of the transferor (seller) in the appropriate fields.
03
Fill out the name, address, and taxpayer identification number of the transferee (buyer) accurately.
04
Include the property address and full description of the property being transferred.
05
Indicate the sale price of the property in the designated section.
06
Complete the 'Withholding Certificate' section if applicable.
07
Sign and date the form, ensuring that all information is accurate.
08
Submit the completed Form 8288-A to the withholding agent or send it to the IRS if you are the withholding agent.
Who needs Form 8288-A?
01
Non-U.S. persons or entities selling U.S. real property interests.
02
Transferees purchasing U.S. real property interests from non-U.S. sellers.
03
Individuals or entities required to report the withholding tax on the sale of the property.
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People Also Ask about
What is the difference between 8288 and 8288-A?
Form 8288, U.S. Withholding Tax Return for Dispositions by Foreign Persons of U.S. Real Property Interests. Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests.
Who reports the property transfer transaction to the IRS?
Generally, the real estate broker or other person responsible for closing the transaction must report the sale of the property to the IRS using Form 1099-S, Proceeds from Real Estate Transactions.
What is IRS form 8288 for?
Buyers and transferees use this form with Form 8288 for each foreign person that disposes of real property located in the U. S. to report withholding on the amount realized.
How do I report foreign property sale to the IRS?
If you meet specified thresholds for foreign financial assets, you must file Form 8938, Statement of Specified Foreign Financial Assets, with your annual federal income tax return (usually Form 1040). This form provides additional information on foreign financial assets and is filed with the IRS. Report foreign income.
Who completes 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.
How do I report tax evasion form?
Use Form 3949-A to report alleged tax law violations by an individual, a business, or both. CAUTION: DO NOT USE Form 3949-A: o If you suspect your identity was stolen. Use Form 14039.
How do you report the sale of real property to the IRS?
Use Schedule D (Form 1040), Capital Gains and Losses and Form 8949, Sales and Other Dispositions of Capital Assets when required to report the home sale. Refer to Publication 523 for the rules on reporting your sale on your income tax return.
How to report form 8288-A?
Where to enter withholding from Form 8288-A. Per the Instructions for Form 8288-A: "You must file a U.S. tax return (Form 1040NR, 1041, 1065, 1065-B, or 1120-F) to report the sale or other disposition as effectively connected with the conduct of a trade or business in the United States.
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What is Form 8288-A?
Form 8288-A is a form used by the Internal Revenue Service (IRS) in the United States for withholding tax on the disposition of U.S. real property interests by foreign persons. It serves as a method for the IRS to ensure proper tax reporting and collection from foreign investors.
Who is required to file Form 8288-A?
A buyer (transferee) of U.S. real property from a foreign seller (transferor) is required to file Form 8288-A. The transferee must file the form to report any tax withheld from the sale of the property.
How to fill out Form 8288-A?
To fill out Form 8288-A, you must provide details about the seller, including their name, address, and taxpayer identification number. You also need to report the sale price, the amount withheld, and the buyer's information. Additionally, any exemptions or exceptions applicable to the sale should be noted.
What is the purpose of Form 8288-A?
The purpose of Form 8288-A is to facilitate the collection of taxes owed to the IRS from foreign persons involved in the sale of U.S. real estate. It ensures that a portion of the proceeds from such sales is withheld for tax purposes, preventing tax evasion by foreign sellers.
What information must be reported on Form 8288-A?
The information that must be reported on Form 8288-A includes the seller's details (name, contact information, TIN), buyer's details (name, address, TIN), the date of the sale, the sale price, the amount withheld, and the tax year in which the transaction took place.
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