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Know more about the Foreign Investors Real Property Tax Act
Ever bought a property that belonged to a foreign national? Beware -- there are rules you would be better off knowing about before you involve yourself in such transactions. The IRS constantly tries to identify patterns of noncompliance or abusive transactions involving foreign investment in US real estate. The aim is also to warn tax payers and real estate professionals about such issues. Bayview1031.com reports:
The IRS believes that, in some instances, whether intentionally or through lack of knowledge on the part of foreign investors and U.S. real estate professionals, transfers of real estate purchase contracts are being conducted by foreign investors without FIRPTA withholding or filing of federal income tax returns to report the gain and pay any additional tax due.
Read more: FIRPTA (Foreign Investors Real Property Tax Act)
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