Class Details for Wired Workshops - Familiarizing Yourself with FIRPTA
Wired Workshops - Familiarizing Yourself with FIRPTA
FIRPTA can be a difficult IRS tax regulation to understand so we want to provide you, the real estate professional, with an overview and explanation of who is affected by FIRPTA at the closing. To minimize the consequences to your seller or to your buyer, you should be familiar with the the withholding rates and how the buyer's intent to use the home as either a primary residence or investment will affect the amount of taxes charged. To avoid IRS penalties the correct documentation needs to be prepared, so beginning with the listing appointment collecting the seller's data becomes crucial to the contract and possible taxes to be paid to the IRS. We will discuss why the seller's status as a foreign individual should be written into the contract, the potential fees involved with escrow withholding taxes, the repercussion of accepting a contract from a buyer entity (LLC, Trust, etc), and the liability that a buyer will need to know and assume.
This is online training. https://ltgc.webex.com/meet/landtitle access code: 808 308 461
Online training through WebEx