How the FIRPTA Process Works and How to Save Thousands of Dollars

Are you selling a property in the USA, but live out of the country? We can help you save thousands of dollars in tax liability by simply hiring us as your listing agent for the property. We have over 17 years experience helping clients save thousands of dollars as to tax liabilities.

Get Started Today, Contact us at 888-835-0881 or Email us at sales@amrealtyexp.com  to save on FIRPTA taxes now!

HOW DO WE DO IT?

 We work with our qualified CPA’s and real estate attorneys to legally save you thousands of dollars. You don’t need to spend on a CPA and Attorney, since when you hire us as your listing agent, we will consult with our CPA and attorney free of charge to you, in order for you to get you the most savings.

Each case is different, there are certain costs that can be paid by the Buyer in the transaction in order to decrease your tax liability. We will review your case and recommend the best strategy to use to reduce your tax liability, to the lowest amount. Contact us today to get started!

Learn more about our Real Estate Broker Abel Chris Henriquez and his team of top professionals. Set an appointment at one of our local office locations. Call now 888-835-0881 for more info. 

Abel Chris Henriquez - American Realty Experts Real Estate Broker. Click Here to learn more. 

Additional Info on FIRPTA:

FIRPTA, or the Foreign Investment in Real Property Tax Act, is a federal law that requires foreign individuals and entities to pay taxes on the sale of U.S. real estate.

When a foreign person sells U.S. real estate, the closing agent is required to withhold 15% of the sale price and submit it to the IRS as a form of prepayment for the foreign seller's potential tax liability. The seller is then responsible for filing a tax return and paying any additional taxes owed.

There are some exceptions to the withholding requirement. For example, if the sale price is $300,000 or less and the buyer intends to use the property as a personal residence, no withholding is required. Additionally, if the foreign seller provides the buyer with a certification stating that the seller is not a foreign person or that the property is not a U.S. real property interest, the buyer is not required to withhold.

It's important to note that the foreign seller is still responsible for filing a tax return and paying any additional taxes owed, even if no withholding was required. The foreign seller must file a U.S. tax return on Form 1040NR and report the sale of the property on Schedule NEC.

Additionally, foreign sellers may be subject to state and local taxes on the sale of U.S. real estate. It's important to consult with a tax professional to ensure compliance with all applicable taxes. Our office includes a free consultation with a CPA in order for you to obtain the lowest tax liability.

In summary, the FIRPTA tax process requires foreign individuals and entities to pay taxes on the sale of U.S. real estate. The closing agent is required to withhold a portion of the sales price and submit it to the IRS as a form of prepayment for the foreign seller's potential tax liability. Foreign sellers are responsible for filing a tax return and paying any additional taxes owed, and may also be subject to state and local taxes. Consultation with a tax professional is recommended and included when you hire us as your listing agent.