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What is FIRPTA?
FIRPTA is a withholding, not a tax. Withholding is an amount held back used to pay potential taxes. If FIRPTA applies, the title company will collect the amount and send it to the IRS. The foreign seller can file a tax return at a later date to try to recoup some of that withholding.
Who is considered a “foreign person”?
What if I don’t feel FIRPTA applies to me?
What if I am a foreign buyer?
If you will be wiring funds from a bank not domiciled within the United States, please alert your escrow processor so we can provide you with the appropriate wiring instructions. We also recommend you familiarize yourself with the FIRPTA requirements listed above so that you can be prepared if you choose to sell your property in the future.
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