FOREIGN INVESTMENT REAL PROPERTY TAX ACT

 
What is FIRPTA?

FIRPTA, Foreign Investment Real Property Tax Act, is a 1980 U. S. tax law that states a foreign investor must have 15% of the gross proceeds of the sale of real property withheld at closing and within twenty (20) days these funds must be sent to the Internal Revenue Service. This amount serves as a preliminary payment of any potential taxes that may be due on the transaction. Once an income tax return is filed for the year of sale there will be a determination of any additional tax due or a potential refund.

Does FIRPTA apply to me?

If you are a foreign person selling a U. S. property or purchasing a U. S. property from a foreign person, FIRPTA may apply to you. FIRPTA services may be the most complicated and challenging part of owning a U. S. property interest. Whether you are a buyer or seller you will need professional help to assess your responsibility and obligations to FIRPTA.

Why choose Dee – Jay & Associates, Inc?

Each FIRPTA case is unique. There may be varying aspects of the sale that need to be considered.

• Will we need to apply for an ITIN?
• When can the 1040 Non-Resident Income Tax Return be filed?
• What is the IRS processing time?
• How quickly do you need access to any potential refund of funds?
• Do you qualify for an exemption or reduced withholding?

Our FIRPTA team has the answers!

Dee – Jay & Associates, Inc has been in business over 40 years and can guide foreign buyers and sellers of U. S. real estate through the complexities of FIRPTA.

We have relationships with the IRS employees within the foreign tax division and can resolve any FIRPTA issues you may have.

We are Certifying Acceptance Agents and can authenticate your supporting documents and work with IRS to resolve any issues with ITIN applications.

We look forward to serving you.

1012 Emmett Street, Suite D., Kissimmee, Florida 34741
Phone 407-396-7522 | Fax 407-396-6882
For FIRPTA & ITIN please E-mail | anna@deejaytaxes.com