What is FIRPTA (Foreign Investment in Real Property Tax Act)? by Natalia A Sishodia
Are you a real estate investor or homeowner navigating the complexities of FIRPTA in New York City? Look no further! In this comprehensive YouTube video, we delve into the intricacies of the Foreign Investment in Real Property Tax Act (FIRPTA) and its implications for real estate transactions involving foreign individuals or corporations.
Sishodia PLLC
600 Third Avenue 2nd Floor, 600 3rd Ave Second Floor, New York, NY 10016, United States
(833) 616-4646
[ Ссылка ]
[ Ссылка ]
With the surge in foreign investment pouring into New York City's real estate market, it's crucial to grasp FIRPTA's requirements and obligations. Whether you're a buyer, seller, or real estate agent, understanding FIRPTA is paramount to ensuring compliance with IRS laws and avoiding hefty penalties.
Join us as we explore the responsibilities of buyers and sellers under FIRPTA. Discover how buyers must withhold a percentage of the purchase price and remit it to the IRS, while sellers may be eligible for a refund if taxes are less than the amount withheld. Learn about the varying withholding rates based on the sales price of the property, ranging from properties under $300,000 to those exceeding $1 million.
But FIRPTA isn't just about withholding taxes—it's also about navigating exceptions and filing requirements. Gain insights into circumstances where the amount withheld can be reduced or eliminated altogether, and understand the importance of timely filing Form 8288 with the IRS within twenty days of the property purchase.
We'll also shed light on the role of New York City real estate attorneys in FIRPTA transactions. Discover how experienced legal counsel, such as Sishodia PLLC, can guide you through FIRPTA obligations and ensure compliance with IRS regulations. With their experience in foreign investment and real estate law, Sishodia PLLC offers invaluable assistance to individuals and corporations alike, helping them navigate the complexities of FIRPTA with confidence.
Throughout the video, we'll provide real-world examples and practical tips to help you navigate FIRPTA seamlessly. From understanding FIRPTA withholding to exploring exceptions and penalties for non-compliance, this video serves as your ultimate guide to FIRPTA in New York City.
So, whether you're a seasoned investor or a first-time buyer, arm yourself with the knowledge you need to succeed in New York City's dynamic real estate market. Join us as we demystify FIRPTA and empower you to make informed decisions in your real estate transactions.
Don't miss out on this essential guide to FIRPTA in New York City—subscribe now and stay tuned for more insightful content from our channel. Together, let's navigate the complexities of FIRPTA and unlock the potential of your real estate investments in the Big Apple!
What is the US Foreign Investment in Real Property Tax Act?
What is a US real property interest under FIRPTA?
Does FIRPTA apply to US residents?
Do foreigners pay capital gains tax on US real estate?
