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What is FIRPTA ?

April 26, 2017firpta

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What is FIRPTA ?

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FIRPTA stands for Foreign Investors in Real Property Taxation Act of 1980, which is part of the Internal Revenue Tax Code. The Act was enacted with the intent of recovering at least a portion of the taxes (based on the Sale Price and not the proceeds to the seller) due on the sale of real property by a foreign seller. A foreign seller may be a Non-Resident Alien individual, corporation, partnership, trust or estate.

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Foreign Investment in Real Property Tax Act, an amount withheld on non-U.S. resident sellers.