Form 8288 - U.s. Withholding Tax Return For Dispositions By Foreign Persons Of U.s. Real Property Interests Page 5

Download a blank fillable Form 8288 - U.s. Withholding Tax Return For Dispositions By Foreign Persons Of U.s. Real Property Interests in PDF format just by clicking the "DOWNLOAD PDF" button.

Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.

Complete Form 8288 - U.s. Withholding Tax Return For Dispositions By Foreign Persons Of U.s. Real Property Interests with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.

Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.

Form 8288 (Rev. 11-2005)

Page

an interest in a publicly traded

the date of the election, minus the total

equivalents. The transferee may rely on

partnership or trust.

of all distributions made by the trust

the statement unless the transferee

No withholding will be required with

after the date of the election from such

knows it is false or the transferee

respect to an interest holder if the entity

total net gain. See Regulations section

receives a false statement notice

or fiduciary receives a certification of

1.1445-5(c)(3) for more information.

pursuant to Regulations section

nonforeign status from the interest

1.1445-4.

Section 1445(e)(2) Transactions

holder. An entity or fiduciary may also

Specific Instructions

A foreign corporation that distributes a

use other means to determine that an

U.S. real property interest must generally

interest holder is not a foreign person,

Complete only Part I or

withhold 35% of the gain recognized by

but if it does so and it is later

Part II.

the corporation. No withholding or

determined that the interest holder is a

reduced withholding is required if the

foreign person, the withholding may be

CAUTION

corporation receives a withholding

collected from the entity or fiduciary.

Example 1. B, a corporation,

certificate from the IRS.

Section 1445(e)(1) Transactions

purchases a U.S. real property interest

Section 1445(e)(3) Transactions

from F, a foreign person. On settlement

Partnerships. A domestic partnership

Generally, a domestic corporation that

day, the settlement agent pays off

that is not publicly traded must withhold

distributes any property to a foreign

existing loans, withholds 10% of the

tax under section 1446 on effectively

person that holds an interest in the

amount realized on the sale, and

connected income allocated to its

corporation must withhold 10% of the

disburses the remaining amount to F. B,

foreign partners and must file Form

fair market value of the property

not the agent, must complete Part I of

8804, Annual Return for Partnership

distributed if:

Form 8288 and Form 8288-A.

Withholding Tax (Section 1446), and

Form 8805, Foreign Partner’s

1. The foreign person’s interest in the

Example 2. C, a domestic

Information Statement of Section 1446

corporation is a U.S. real property

corporation, distributes property to F, a

Withholding Tax. A publicly traded

interest under section 897, and

foreign shareholder whose interest in C

partnership or nominee generally must

is a U.S. real property interest. The

2. The property is distributed in

withhold tax under section 1446 on

distribution is in redemption of C’s stock

redemption of stock under section 302,

distributions to its foreign partners and

(section 1445(e)(3) transaction). C must

in liquidation of the corporation under

must file Forms 1042 and 1042-S.

withhold 10% of the fair market value of

sections 331 through 341, or with

Because a domestic partnership that

the property distributed to F. C must

respect to stock under section 301 that

disposes of a U.S. real property interest

complete Part II of Form 8288, and

is not made out of the earnings and

is required to withhold under section

Form 8288-A.

profits of the corporation.

1446, it is not required to withhold under

Lines 1. In Part I, enter the name,

No withholding or reduced withholding

section 1445(e)(1).

address, and identifying number of the

is required if the corporation receives a

buyer or other transferee responsible for

Trusts and estates. If a domestic trust

withholding certificate from the IRS.

withholding under section 1445(a). Do

or estate disposes of a U.S. real

not enter the name, address, and

property interest, the amount of gain

Section 1445(e)(4) Transactions

identifying number of a title company,

realized must be paid into a separate

No withholding is required under section

“U.S. real property interest account.” For

mortgage company, etc. unless it

1445(e)(4), relating to certain taxable

happens to be the actual buyer or

these purposes, a domestic trust is one

distributions by domestic or foreign

transferee.

that does not make the “large trust

partnerships, trusts, and estates, until

election” (explained below), is not a

In Part II, enter the name, address,

the effective date of a Treasury Decision

REIT, and is not publicly traded. The

and identifying number of the

under section 897(e)(2)(B)(ii) and (g).

fiduciary must withhold 35% of the

corporation or fiduciary responsible for

amount distributed to a foreign person

Section 1445(e)(5) Transactions

withholding under section 1445(e). Do

from the account during the tax year of

not enter the name, address, and

The transferee of a partnership interest

the trust or estate in which the

identifying number of a title company,

must withhold 10% of the amount

disposition occurred. The withholding

mortgage company, etc. unless it

realized on the disposition by a foreign

must be paid over to the IRS within 20

happens to be the actual entity

partner of an interest in a domestic or

days of the date of distribution. Special

responsible for withholding under

foreign partnership in which at least

rules apply to grantor trusts. See

section 1445(e).

50% of the value of the gross assets

Regulations section 1.1445-5 for more

The IRS will contact the

consists of U.S. real property interests

information and how to compute the

person or entity listed on

and at least 90% of the value of the

amount subject to withholding.

line 1 to resolve any problems

gross assets consists of U.S. real

Large trust election. Trusts with

that may arise concerning

CAUTION

property interests plus any cash or cash

more than 100 beneficiaries may make

underwithholding and/or penalties.

equivalents. However, no withholding is

an election to withhold upon distribution

required under section 1445(e)(5) for

Name and address. If you are a

rather than at the time of transfer. The

dispositions of interests in other

fiduciary, list your name and the name of

amount to be withheld from each

partnerships, trusts, or estates until the

the trust or estate. Enter the home

distribution is 35% of the amount

effective date of a Treasury Decision

address of an individual or the office

attributable to the foreign beneficiary’s

under section 897(g). No withholding is

address of an entity.

proportionate share of the current

required if, no earlier than 30 days

Identifying number. For a U.S.

balance of the trust’s section 1445(e)(1)

before the transfer, the transferee

account. This election does not apply to

individual, this is a social security

receives a statement signed by a general

number (SSN). For any entity other than

any REIT or to any publicly traded trust.

partner under penalties of perjury that at

Special rules apply to large trusts that

an individual (e.g., corporation, estate, or

least 50% of the value of the gross

trust), this is an employer identification

make recurring sales of growing crops

assets of the partnership does not

number (EIN). If you do not have an EIN,

and timber.

consist of U.S. real property interests or

you can apply for one online at

A trust’s section 1445(e)(1) account is

that at least 90% of the value of the

or by telephone at

the total net gain realized by the trust on

gross assets does not consist of U.S.

1-800-829-4933. Also, you can file

all section 1445(e)(1) transactions after

real property interests plus cash or cash

0 votes

Top 20 Happy Easter Cards And Gift Tags To Download For Free

Top Ten Easter Arts And Crafts Activities For Your Kids

Free Easter Coloring Pages And Easter Printables For Your Kids

Related forms

Form 8288 - U.s. Withholding Tax Return For Dispositions By Foreign Persons Of U.s. Real Property Interests Financial

Instructions For Form 8288 - U.s. Withholding Tax Return For Dispositions By Foreign Persons Of U.s. Real Property Interests Financial

Form 8288 - U.s. Withholding Tax Return For Dispositions By Foreign Persons Of U.s. Real Preperty Interests Legal

Form N-288 - Hawaii Withholding Tax Return For Dispositions By Nonresident Persons Of Hawaii Real Property Interests - 2015 Financial

Related Categories

Parent category: Financial

Form 8288 - U.s. Withholding Tax Return For Dispositions By Foreign Persons Of U.s. Real Property Interests Page 5

Related Articles

Related forms

Related Categories