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So far Michael Brooks has created 5 blog entries.

Congress Makes Changes to Passport Certification Rules for ITIN’s Required of Foreign Sellers of US Real Estate

At DIRECTS (Domestic and International Real Estate Closing Services), we help 100's of non-US sellers of US real estate obtain their US Individual Taxpayer ID Numbers (ITIN's) each year. The ITIN procurement process is critical for foreign sellers of US real estate. If they do not successfully obtain an ITIN, they will never obtain a [...]

By | May 1st, 2017|ITIN's|Comments Off on Congress Makes Changes to Passport Certification Rules for ITIN’s Required of Foreign Sellers of US Real Estate

What is the 8288-B/ Withholding Certificate Process?

What is the 8288-B Process? By Michael W. Brooks Non- US sellers of US real estate are subject to a withholding tax at time of sale (either 15% or 10% of the gross sales price). The withholding tax isn't really a tax, it's better thought of as a security deposit to ensure the real tax [...]

By | June 5th, 2016|8288-B/Withholding Certificates|Comments Off on What is the 8288-B/ Withholding Certificate Process?

AN EXPLANATION OF 99.9% OF WHAT ANY ESCROW OFFICER NEEDS TO KNOW ABOUT THE 2016 CHANGE TO THE WITHHOLDING TAX LAW ON REAL ESTATE SALES BY NON-US PERSONS

  Congress just enacted a significant change to the required withholding tax on sales of US real estate by non-US persons, effective on real estate sales closing on or after February 17, 2016. On December 18, 2015, Congress enacted the "Protecting Americans From Tax Hikes Act of 2015 (the "New Tax Law"). Here's all an [...]

By | January 13th, 2016|FIRPTA Withholding Taxes|Comments Off on AN EXPLANATION OF 99.9% OF WHAT ANY ESCROW OFFICER NEEDS TO KNOW ABOUT THE 2016 CHANGE TO THE WITHHOLDING TAX LAW ON REAL ESTATE SALES BY NON-US PERSONS

Careful Escrow Officers, your foreign seller’s ITIN may no longer be valid, and that could mean trouble for you.

Starting in 2016, US individual taxpayer ID numbers ("ITINs”) not used in the prior 5 years on a US tax return will be deactivated by the IRS.  So, staring in 2016, if a foreign person hasn’t sold US real estate since (at the latest) 2010 (which should have led to them doing a tax return [...]

By | December 7th, 2015|Directs|Comments Off on Careful Escrow Officers, your foreign seller’s ITIN may no longer be valid, and that could mean trouble for you.

Important IRS Changes to the 2015/2016 ITIN Application Process

As you know, procuring ITIN's for non-US citizen/residents is essential when these individuals sell (or rent) US/California real estate.  Starting in 2015, the IRS has made an already challenging process even more cumbersome.  In 2016, the IRS plans to add yet another layer of complexity. 2015 Change- Form 8288's Now Really Must be Included in ITIN Applications [...]

By | February 25th, 2015|Directs|Comments Off on Important IRS Changes to the 2015/2016 ITIN Application Process