Attn: Canadians (and other non ”US Persons”) Who Own US Property: What You Need To Know About FIRPTA - Don’t Sell Without This Knowledge!!

<p>April 6, 2023 - Participants include:</p> <p> </p> <p>Julie Lepore - <a href='https://www.linkedin.com/company/totalfirpta/'>Total FIRPTA</a></p> <p>John Richardson - <a href='https://www.twitter.com/expatriationlaw'>@Expatriationlaw</a></p> <p> </p> <p>Julie is available at <a href='https://www.totalfirpta.com'>Total FIRPTA .</a></p> <p> </p> <p>If you are an owner of U.S. real estate and you are selling your real estate located in the USA you need to understand the 15% withholding tax imposed by FIRPTA!</p> <p>A basic description from the IRS includes:</p> <p> </p> Withholding of Tax on Dispositions of United States Real Property Interests <p>"The disposition of a U.S. real property interest by a foreign person (the transferor) is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding. FIRPTA authorized the United States to tax foreign persons on dispositions of U.S. real property interests.</p> <p>A disposition means “disposition” for any purpose of the Internal Revenue Code. This includes but is not limited to a sale or exchange, liquidation, redemption, gift, transfers, etc. Persons purchasing U.S. real property interests (transferees) from foreign persons, certain purchasers' agents, and settlement officers are required to withhold 15% (10% for dispositions before February 17, 2016) of the amount realized on the disposition (special rules for foreign corporations).</p> <p>In most cases, the buyer (transferee) is the withholding agent. The transferee must find out if the transferor is a foreign person. If the transferor is a foreign person and the transferee fails to withhold, the transferee may be held liable for the tax. For cases in which a U.S. business entity such as a corporation or partnership disposes of a U.S. real property interest, the business entity itself is the withholding agent."</p> <p><a href='https://www.irs.gov/individuals/international-taxpayers/firpta-withholding'>https://www.irs.gov/individuals/international-taxpayers/firpta-withholding</a