FIRPTA or Foreign Investment in Real Estate Property Act applies to foreign individuals who are keen to sell or buy a property in the United States. The act enacted in the 1980s serves one basic purpose – creating equity in tax treatment between domestic and foreign investors. Of course, if you are a foreigner, understanding the gist of the act might be a challenge.
There are several layers that you must take into account. So, when it comes to IRS FIRPTA tax returns, you will need some help from professionals. With certified experts guiding you, you will find a way to ensure compliance on tax returns.
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What if you are looking for a way to sell your property in Florida?
Under the circumstances, you must make an effort to hire a tax advisor. This way, things will become somewhat easy for you to handle then. Being a foreigner and non-resident, you will need all the help evaluating the tax return and calculating your total liability. Remember, any sale of real estate property owned by a foreign national is subject to FIRPTA income tax withholding. So, the best you can do is to seek help from trusted experts like Firpta Tax Returns in Florida.
There is one more exception that you can consider. This usually occurs when the IRS issues a withholding certificate. Normally, the procedure involves the transferee or the transferee’s agent requesting a withholding certificate. Accordingly, the IRS responds back by acting on the request within 90 days after receiving a complete application (Form 8288-B). The form requires detailed information such as the description of the real estate property, the selling price, a clear estimate of the tax being owed, if any, and being a seller; you don’t have any FIRPTA withholding obligation.
Finding your way out through the complicated FIRPTA tax return process is never going to be easy. Hence you are left with no other option but to seek help from established accounting & tax consultants in Florida. These experts will work closely to help you file tax returns in a simple and efficient manner. In fact, to address your concern, they will also review all the documents to facilitate the application process.
Why Hire Accounting Experts or FIRPTA ?
The real estate market in Florida is highly competitive and draws a lot of potential investors from across the globe. This means a lot of FIRPTA transactions, and you are going to need all the help. In a bid to represent your interest and resolve the many issues related to paperwork, it makes sense to hire certified tax professionals. At least, with the experts, you will have the assurance of knowing that your investment is better protected. Other than providing all the assistance with paperwork, they will also make it a point to take good care of your legal requirements. So, if you are keen to sell your property and want your interest to be protected, it would be a good idea to seek the help of accounting experts.