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How to Claim FIRPTA Withholding on Your Tax Return
When a foreign seller sells real estate in the United States, the buyer is required to withhold a portion of the sale price under the Foreign Investment in Real Property Tax Act (FIRPTA). This amount is sent to the IRS as a prepayment for the taxes owed by the foreign seller. If you are a foreign seller, you may be eligible to claim the withholding on your tax return for the year in which the withholding was made.
It is crucial to follow the correct process and provide all necessary documentation. Failing to do so may result in significant delays in receiving your refund from the IRS.
Steps to Claim FIRPTA Withholding
- Obtain a Taxpayer Identification Number (ITIN)
- File Form 1040-NR
- Report the Sale and Withholding
- Attach Supporting Documentation
- Submit Your Tax Return on Time
- Follow Up
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