Foreign Investment Tax Law on Real Estate
In 1980, Congress enacted the Foreign Investment in Real Property Tax Act (FIRPTA), 26 USCS 1445. The law states that if a seller of real property is a “foreign person,” the buyer must be taxed equal to the 10% of gross purchase price, unless exempted by law. A “foreign person” is a nonresident alien individual, a foreign corporation not treated […]
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