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IRS Releases New 8288 Forms for FIRPTA 15% Withholding Rate for Foreign Nationals Selling Florida Real Property Effective for closings on or after February 17, 2016, title and settlement agents will need to start holding back more proceeds from the sale of property by foreign nationals due to recent changes to the Foreign Investment in…

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IRS Releases New 8288 Forms for FIRPTA 15% Withholding Rate for Foreign Nationals Selling Florida Real Property

Effective for closings on or after February 17, 2016, title and settlement agents will need to start holding back more proceeds from the sale of property by foreign nationals due to recent changes to the Foreign Investment in Real Property Tax Act (FIRPTA). Title professionals will want to review their FIRPTA procedures before the effective date to ensure they will assist the company in compliance with the law best appetite suppressant pills. Read on for more details. The IRS has released new versions of Form 8288 and 8288-B to reflect the increase in the FIRPTA withholding rate and to eliminate confusion over the effective date of the new forms.

The attorneys at Strock & Cohen, Zipper Law Group, P.A. have a wealth of experience handling purchases and sales of Florida real property by foreign nationals. Whether you need consultation on how a foreign national should acquire property to minimization of FIRPTA withholding contact one of our attorneys.

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