"Lanny Williams" <lanny[at]loxinfo.co.th> wrote:

- quote -

Look at the FIRPTA forms (8288 series, I believe). If they
had come to you BEFORE the fact it would have been possible
to apply for either reduced withholding or an exemption from
withholding. As long as the request were timely filed, the
escrow agent would hold the money pending a decision by the
IRS on the amount to be remitted. The form to do this is
8288B.

There are also provisions for both a regular and expedited
refund of the withholding. All of this is in the
instructions for the 8288 forms and Sec. 1445 and its
regulations.

--
Bruce E. Cobern, CPA
mailto:bec[at]pipeline.com

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

A new client has come to me with an issue that is new to me,
even after the many years I've been working taxes.

My clients are non-resident aliens with no regular source of
income in the U.S. Recently, they sold a piece of property
in Florida that they have owned for many years. Because
they are non-residents, FIRPTA required withholding of U.S.
tax. The proceeds from the sale of this land are
substantially less than their original purchase price.

My clients would like to receive a refund of the withheld
taxes as soon as possible. Do we have to wait until after
January 1 to file the 1040NR? Or, is there some way to file
now?

Any suggestions would be most welcome.

Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->