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What is FIRPTA?
Can someone breakdown what FIRPTA is in a basic way?
Asked By Rodrigo | Miami, FL | 744 views | International Real Estate | Created 2 years ago
Answer(3)
Chris Yochum
Dickson Realty
When buying from a foreign owner in the US, 10% of the purchase price must be withheld along with appropriate documentation sent to the IRS.
- 2 years ago
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Lynne Pruell
Realty 100 LLC
Buyers are required to hold a portion of the sales proceeds and send to IRS as a form of tax. It is generally between 10-15%.
- 2 years ago
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Michael Salamone
Denovo Realty
FIRPTA is a tax law that imposes U.S. income tax on foreign persons selling U.S. real estate. Under FIRPTA, if you buy U.S. real estate from a foreign person, you may be required to withhold 10% of the amount realized from the sale. The amount realized is normally the purchase price.
- 2 years ago
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