FRPTA Rules
We are doing a real estate closing for commercial land, the seller is foreign and living in a foreign country, what are the tax rules for selling commercial property in the US, do we withhold any amounts? How much do we withhold? Where do we send it once we have withheld it?
Asked on 9/22/00, 10:21 am
1 Answer from Attorneys
Re: FRPTA Rules
What is FRPTA???
IRS code section 1445 certainly speaks to just what you're talking about, withholding for sales of U.S. property owned by a foreign person; if you send me your e-mail address, I'll send you the entire statute.
There are certain exceptions which the seller will try to qualify for.
Answered on 10/23/00, 2:51 pm
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