News
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Are you a “Foreign Person” selling a “US Property Interest”?
- February 18, 2016
- Posted by: Hansen Sweeney
- Categories: News, US/UK
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Beginning on 16 February 2016, the rate of withholding tax required by the Foreign Investment in Real Property Tax Act (FIRPTA) will increase from 10% to 15%. FIRPTA imposes Federal tax on the sale of an interest in real property located in the United States by a foreign seller. This 15% rate applies to the Gross Proceeds of the sale irrespective of whether or not there is a profit on sale.
