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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 41597
Experience:  Texas Attorney for 30 years dealing in real estate
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I am selling a property in Key West Florida for my mom. She

Customer Question

Hi: I am selling a property in Key West Florida for my mom. She is a dual citizen of Canada and the United states and pays taxes in Florida based on the income she recieves from the property. On behalf of an irrevocable living trust, I am selling one of her properties. Do I need to fill out a Witholding Form-8288-B. If so, who can do the paperwork for me? Sherry
JA: Have the trust documents been finalized? What are the basic terms?
Customer: Yes. It is ma living will. I am the sole trustree and I live in CAnada. The trust was made in Florida.
JA: Anything else you want the lawyer to know before I connect you?
Customer: Not as far as I know.
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  Ray replied 4 months ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

Expert:  Ray replied 4 months ago.

You will need a CPA in Key West here to prepare this and any return or other information needed.

Here is a list of folks that can do that for you.

Ward & Meyers LLC

No reviews · Tax Preparation Service

*****# 506(###) ###-####/p>

Website

Directions

Pribramsky & Company, CPA's

5.0 (2) · Certified Public Accountant

*****/p>(###) ###-####/p>

Open until 5:00 PM

Website

Directions

WILLIS BLACKWELL

No reviews · Accountant

*****/p>(###) ###-####/p>

Open until 7:00 PM

Website

Directions

Jeffrey E. Allen CPA

No reviews · Accountant

3718 N Roosevelt Blvd

(###) ###-####/p>

Open until 5:00 PM

Website

Directions

Henry B. Allen, CPA

5.0 (1) · Tax Preparation Service

*****# 201(###) ###-####/p>

Website

Directions

Oropeza & Parks

5.0 (1) · Certified Public Accountant

Searstown Shopping Center

Searstown Shopping Center, 815 Peacock Plaza

(###) ###-####/p>

Website

Directions

Oropeza & Parks: Parks John G CPA

No reviews · Accountant

815 Peacock Plaza

(###) ###-####/p>

Website

Directions

Expert:  Ray replied 4 months ago.

A Form 8288, U.S. Withholding Return for Disposition by Foreign Persons of U.S. Real Property Interests, is required to be filed by the transferee (buyer or designated agent) of the U.S. real property interest. In addition, Form 8288-A, U.S. Withholding Statement on Disposition by Foreign Persons of U.S. Real Property Interest, must be attached to Form 8288 and submitted with the required withholding. The amount of tax required to be withheld and paid to the IRS by the transferee is 10% or new 15% rates of the amount realized on the disposition of the USRPI by the foreign transferor. Forms 8288, 8288-A and the withholding tax must be filed (mailed) to the IRS by the 20th day after the date of transfer unless the seller is waiting for a response from the IRS to an application for a withholding certificate (see next paragraph) filed before closing. In such case, upon receipt of an approved withholding certificate or rejection letter, the taxpayer has 20 days from the date on the certificate/letter to file Forms 8288 and 8288-A and remit the required amount. Penalties and interest will be charged on late filed Forms 8288 (filed after the 20th day from the date of transfer or the response from the IRS to the withholding certificate). There is a penalty of up to $10,000 over the tax for a willful failure to collect and pay.

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