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IRS Form 8288 - Withholding Taxes on Purchase of U.S. Real Estate from a Non-U.S. Person
Foreign persons are subject to federal withholding taxes on the sale of U.S. real property. IRC Section 1445 provides that a buyer of real estate from a foreign person is required to withhold 15% in taxes on the gross sales proceeds and file a Form 8288 with the IRS within 20 days. Make sure to file this on time, as there are penalties!!! For a ...
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