Hello! So i understand fully, the funds were wired from the title company to the seller? If so, they should have already held back some funds from that wire (the title company) If you give me more detail I can answer more!
A privileged tax is a treasury regulation cemented in the tax code for resident and nonresident aliens. The exacting of the tax can be found at chapter 3 entitled withholding of tax on nonresident aliens and foreign corporations. In short, every section that tells us who is to use a W-9 form, and in what situation, speaks exclusively about Americans who are handling U.S. source income belonging to a foreign person.
Unfortunately, saying “assignment agreement on Real Estate“ doesn’t explain the underlying transaction. It’s not clear if this is part of a disposition that is subject to FIRPTA. You’ll need to talk with your own advisors to get an answer for your specific circumstances.
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Thanks for having me on Jen!
Always a pleasure!!!
Great video
Glad you enjoyed it
Hi Jen. Very helpful video. I've a situation - what should happen if funds were already wired. What corrective action can the seller take?
Hello! So i understand fully, the funds were wired from the title company to the seller? If so, they should have already held back some funds from that wire (the title company) If you give me more detail I can answer more!
A privileged tax is a treasury regulation cemented in the tax code for resident and nonresident aliens. The exacting of the tax can be found at chapter 3 entitled withholding of tax on nonresident aliens and foreign corporations. In short, every section that tells us who is to use a W-9 form, and in what situation, speaks exclusively about Americans who are handling U.S. source income belonging to a foreign person.
Does FIRPTA apply to an assignment agreement on Real Estate? Thank You
Unfortunately, saying “assignment agreement on Real Estate“ doesn’t explain the underlying transaction. It’s not clear if this is part of a disposition that is subject to FIRPTA.
You’ll need to talk with your own advisors to get an answer for your specific circumstances.
Thanks for replying John
Good luck to you Luis and thanks for watching the channel!