Congratulations on your DVC Sale closing. Now it is time to deal with the U.S. Government and the Internal Revenue Service. Please remember, neither Jaki nor Kinn is an accountant or tax lawyer. Due to the complexity of the US tax system, we have prepared the easiest steps possible for dealing with the US government, concerning your withheld tax.I.R.S.Please follow the steps outlined below for the most efficient way of getting your refund from the I.R.S. concerning your Foreign Seller Tax.Step 1: You received an I.R.S. form 8288 with your closing documents from the title company. You will need to return this with your closing documents including a notarized ( in English) copy of your picture ID ( passport, drivers license, etc.) Our Internal Revenue Service requires this to process your tax money refund.Step 2:Once you have returned the form 8288 and appropriate ID, they will send this to the I.R.S. You will receive an Internal Revenue ID number in the mail from the I.R.S.Step 3:When you have received your Internal Revenue Service tax ID number, you will need to go to http://www.irs.gov/ and download a W7 form. On this form, you will need to state how much you paid for the property, less cost of sale (commission, etc.) and then the difference between that and your selling proceeds. This will be your profit and the I.R.S. will charge the tax on that and refund the difference. Step 4:If you are finding it difficult to deal with the I.R.S. processing procedures, please refer to your closest US Embassy or Consulate. They are surprisingly helpful in dealing with the I.R.S. and assisting foreign sellers with their tax situation. Also, your accountant may be of assistance.Thanks, Jaki and Kinn
1 Comments on Foriegn Seller Tax Refund Information
JAN
19
2009
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