Tax withholding certificate?
Apr 13th 2014, 3:17 pm
#1
Forum Regular
Thread Starter
Joined: Feb 2014
Location: UK
Posts: 57
Tax withholding certificate?
We have just sold a property in Florida and know the IRS hold onto 10% of funds as we reside in the UK. Does anyone know how we go about claiming this back? I'm guessing there must be some UK residents on here who have sold in the US and also had to deal with this. Thanks
Apr 13th 2014, 5:32 pm
#2
BE Enthusiast
Joined: Mar 2010
Posts: 478
Re: Tax withholding certificate?
I believe you have to file a non resident tax return at the end of the year and get (some of) it back that way. Hopefully someone who knows for sure will come along soon.
Apr 13th 2014, 6:47 pm
#3
Lost in BE Cyberspace
Joined: Jun 2008
Location: San Francisco Bay Area
Posts: 10,678
Re: Tax withholding certificate?
At the end of the year, you file a non resident alien tax return and you should get money back on any tax withheld that is not owed.
Since you may have purchased the property when property prices were high and little or no gain occurred, you could have applied for a "withholding certificate" from the IRS in advance of the sale to reduce withholdings to what you would have likely owed.
I believe the title/escrow company could have helped you obtain the certificate.
Since you may have purchased the property when property prices were high and little or no gain occurred, you could have applied for a "withholding certificate" from the IRS in advance of the sale to reduce withholdings to what you would have likely owed.
I believe the title/escrow company could have helped you obtain the certificate.
