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When you Sell What Happens

When you sell your home in the US and you are a Foreign National the US Government will want to make sure taxes are paid if they are due. 

10% of your sale price is held in a fund for this review. The 10% withholding is not a tax or fee.  It is just withheld until the sellers file their US taxes to claim any capital gains.  If there are no capital gains, the 10% would be refunded to them.  However, they may not be able to file the taxes until Jan/Feb of next year.  In order to avoid that, here is what I found regarding the 10% Withholding:

From irs.gov:

Instructions for Form 8288 

U.S. Withholding Tax Return for Dispositions by Foreign Persons of U.S. Real Property Interests

 

Here is the IRS Link: https://www.irs.gov/individuals/international-taxpayers/firpta-withholding

 

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Brenda and Willie Gonzalez 
RE/MAX BY THE LAKE
"The G Force of Havasu" 
Brenda: 928-846-6044
Willie: 928-846-6046

e-mail: HavasuGForce@gmail.com