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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15588
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Yesterday I just bought a house in Texas. The seller is foreign.

Resolved Question:

Yesterday I just bought a house in Texas. The seller is foreign. At closing I collected a check for the IRS for the 10% FIRPTA and now I have 19 days to send to the IRS. What form do I need to fill out? I have the 1099s form, but I think it may be a different form that is needed. Also, what other information will I need, any federal ID #?

Thanks!
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Thank you for your question, and thanks for using JustAnswer.com.

In order to remit the payment to the IRS, you will need form 8288 and 8288-A in order to submit the payment to the IRS.

If you have the seller's Tax ID number, you would put that on the forms. However, if you do not have the tax ID number, don't worry - the IRS will contact the seller to get the tax ID information from them.

You can access form 8288 HERE and 8288-A HERE. The instructions for 8288 can be found, HERE.

You send the forms and payment to:

Ogden Service Center
PO Box 409101
Ogden, UT 84409

Please let me know if you need further assistance. IF not, please rate my response as "excellent" or accept the answer to give me credit for assisting you today. It was a pleasure working with you. Thanks again.

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15588
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 3 other Tax Specialists are ready to help you
Customer: replied 1 year ago.
I forgot to mention that the seller is a foreign corporation. Is it subject to section 1445e or 1455e2? I collected the 10% from the sale, but 1455e mentions 35%?
Expert:  Megan C replied 1 year ago.
Under 1445e2, "A foreign corporation that distributes a U.S. real property interest must generally withhold 35% of the gain recognized by the corporation. No withholding or reduced withholding is required if the corporation receives a withholding certificate from the IRS."

So, if it's a corporation it would fall under this treatment, unless they had a withholding certificate.

Thank you.
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15588
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 3 other Tax Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer

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