Generally, US tax law (specifically FIRPTA) requires that the buyer or transferee of US Real Property owned by a foreign person(s) must withhold 15% of the sale price. Since the IRS requires a purchaser to withhold and remit the withholding to the IRS, things can get complicated. Purchasers of real property are seldom experts in US international tax laws.
At our firm, we regularly see cases where the withholding has either been withheld incorrectly or was about to be withheld wrongly. The most common issue we see is a title company refusing to sell … (1 comments)
Common Challenges When Selling Property Owned by Foreigners
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