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I need to prepare a non- withholding or reduce withholding…

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I need to prepare a...
I need to prepare a non- withholding or reduce withholding certificate so my client can sign before transferring the tax to the IRS under FIRPA.My client and his brother owns an apartment for 500k 50% each. in 2017 one brother sold his 50% transfer to the other brother. Non of them are citizen so FIRPA needs to take place. my question is only 50% of the apartment is subject to FIRPA. I need to prepare the paper work so the agent can send the money to the IRS. How do i go by the certifcate of reduce withholding.
Submitted: 4 months ago.Category: Tax
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Answered in 17 minutes by:
10/5/2017
Tax Professional: Barbara, Enrolled Agent replied 4 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,825
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The certificate of no/reduced withholding must be issued by the IRS.

Please see the following information:

https://www.irs.gov/individuals/international-taxpayers/firpta-withholding

https://www.irs.gov/individuals/international-taxpayers/exceptions-from-firpta-withholding

https://www.irs.gov/pub/irs-pdf/f8288b.pdf

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 4 months ago
I have a question if the apartment is 500K and the transfer is only of the 50% only 250 would be subject to FIRPA? So the withholding is on $37,500.00
Tax Professional: Barbara, Enrolled Agent replied 4 months ago

Based on $250,000, the amount withheld is $37,500 (15%).

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Tax Professional: Barbara, Enrolled Agent replied 4 months ago

You will need to complete and file Forms 8288 and 8288-A.

https://www.irs.gov/individuals/international-taxpayers/reporting-and-paying-tax-on-us-real-property-interests

Please let me know if you have any other questions, and I will be happy to help you.

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Tax Professional: Barbara, Enrolled Agent replied 4 months ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to help you.

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