Hello everyone!
Is only end of the day on a chipper Tuesday and we have been asked the same question several times so I thought I share with you.
Q: If the seller has a SSN the seller is not subject to FIRPTA, is it?
A: WRONG, if you want to exempt a seller from FIRPTA without any questions, seller has to have 1 of the following;
- U.S. passport
- U.S. Birth Certificate
- U.S. Naturalization Documents
- Permanent Resident Card
OR Meet SPT - But remember, SPT (Substantial Presence Test) can be applicable ONLY if the seller is NOT in the U.S. under certain visa types, having a SSN does not necessarily mean the seller is a U.S. tax resident or citizen.
We have prepared a FIRPTA checklist, that explains this and other misconceptions about FIRPTA, we also have FIRPTA videos in 4 different languages, if you are interested in getting the videos and the FIRPTA checklist send me an email, I will be glad to share that information with you.
Please make sure you direct your sellers to a reputable, licensed tax professional with vast experience in FIRPTA so everyone involved in the transaction has peace of mind.
------------------------------
Mary Enzi CAA
Tax Solutions – FIRPTA Consulting
[email protected]
+1 (281) 578-1040
Barker TX
------------------------------