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Should I Withhold FIRPTA at Closing on Sale of a New York Home If I Am Not a Citizen? - Natalia A. Sishodia
From Sishodia PLLC - Should I Withhold FIRPTA at Closing on Sale of a New York Home If I Am Not a Citizen? breaks down the essential rules buyers and sellers must understand when navigating FIRPTA withholding in New York real estate transactions. This episode explores how the Foreign Investment in Real Property Tax Act, under IRC Section 1445 of the Internal Revenue Code, requires buyers to withhold up to 15% of the amount realized when purchasing property from a foreign person, including high-value homes in Manhattan and across New York City.
Listeners will gain clarity on how FIRPTA works…
The skinny
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