Another IRS tax, how much more?
Feb 10th 2017, 8:55 pm
#16
Forum Regular
Joined: Sep 2013
Posts: 120
Re: Another IRS tax, how much more?
I just looked into it very quickly. 8288 doesn't represent a tax itself, it represents withholding to make sure a foreign person can't avoid paying tax on a sale of real estate. I don't know much about it, but it looks like you can file an 8288-B to reduce the amount of the buyer's withholding to correct levels.
So yes, as far as I can see it is capital gains tax - it's a form to make sure foreign sellers pay capital gains tax on real estate. Quite why you're so irate, I'm not sure.
So yes, as far as I can see it is capital gains tax - it's a form to make sure foreign sellers pay capital gains tax on real estate. Quite why you're so irate, I'm not sure.
Feb 10th 2017, 9:06 pm
#17
BE Forum Addict
Joined: Jan 2014
Location: Anchorage, AK, USA
Posts: 1,347
Re: Another IRS tax, how much more?
Feb 11th 2017, 8:20 am
#19
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Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,129
Re: Another IRS tax, how much more?
I'm pretty sure this doesn't happen (but not certain), when you next file your taxes the CG is calculated and set against your $500k allowance for CGs on your primary home.
Feb 11th 2017, 2:26 pm
#20
Forum Regular
Joined: Sep 2013
Posts: 120
Re: Another IRS tax, how much more?
I was just asking the question if it applies to GC holders. I'm not planning to sell and move to Canada......not yet anyway. 
