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 [...]
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). [...]
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 [...]
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 [...]