The Canadian Guide to Will and Estate Planning: Everything You Need to Know Today to Protect Your Wealth and Your Family Tomorrow Fourth Edition by Douglas Gray & Douglas Gray & John Budd & John Budd

Author:Douglas Gray & Douglas Gray & John Budd & John Budd [Gray, Douglas]
Language: eng
Format: azw3
ISBN: 9781259863417
Publisher: McGraw-Hill Education
Published: 2017-09-15T04:00:00+00:00

Reduction or Waiver of FIRPTA Withholding Tax

If the 15 percent FIRPTA tax to be withheld exceeds your “maximum U.S. tax liability,” you can apply to the IRS in advance to have the withholding tax reduced or eliminated. To do this you file the required IRS form to obtain a “withholding certificate” from the IRS. However, the closing agent must still collect the withholding tax and hold it in escrow until the IRS response to the required IRS form has been received. If the transaction has already closed and the 15 percent has already been sent to the IRS, you can still file the required IRS form and apply for an “early refund.”

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