FIRPTA
#1
Just Joined
Thread Starter
Joined: Feb 2023
Posts: 8
FIRPTA
Evening all,
British Citizen, US Resident Alien, returning to the UK in June. Selling my US home.
Does anyone have experience with FIRPTA when selling a house in the US? Apparently there is a law on the books that requires 15% of the home sale price to go back to the IRS. From what I can gather this is ONLY for foreign nationals and not US resident aliens (which I am). Would appreciate anyone that has gone through this process to share their experience. TIA.
British Citizen, US Resident Alien, returning to the UK in June. Selling my US home.
Does anyone have experience with FIRPTA when selling a house in the US? Apparently there is a law on the books that requires 15% of the home sale price to go back to the IRS. From what I can gather this is ONLY for foreign nationals and not US resident aliens (which I am). Would appreciate anyone that has gone through this process to share their experience. TIA.
#2
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,131
Re: FIRPTA
No personal experience or knowledge on this but it very much sounds like it applies to "foreign persons" and as a resident legal alien I don't believe it applies to you if you sell it before returning to the UK. It also sounds like a tax withholding, not a tax so even if 15% tax were withheld then when you filed your IRS return you may get it back depending on the capital gain of the sale.
https://www.irs.gov/individuals/inte...sfers%2C%20etc.
https://www.irs.gov/individuals/inte...sfers%2C%20etc.