Commentary

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

    By |May 1st, 2017|

    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 [...]

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    What is the 8288-B/ Withholding Certificate Process?

    By |June 5th, 2016|

    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). [...]

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    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

    By |January 13th, 2016|

      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 [...]

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

    By |December 7th, 2015|

    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 [...]

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