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  • 1.  FIRPTA

    Posted 05-22-2023 10:19
    Edited by Mary Enzi 05-22-2023 12:29

    There are so many misconceptions about FIRPTA, who does it apply to? if the seller has a tax ID is not subject to FIRPTA? if the seller has an ITIN is subject to FIRPTA?.

     

    IRS is enforcing this compliance and when the seller is subject to FIRPTA the buyer is responsible to send the FIRPTA withholding to the IRS.

     

    Have questions? Please call us 281 578-1040 or send us an email info@taxss.com, watch our FIRPTA videos.

    What Is FIRPTA?     https://youtu.be/yzX19A2XTIU

    Que es FIRPTA?  https://www.youtube.com/watch?v=kNcVjuJ2rSs

     

     

    Mary Santiago, CAA

    Office Manager

    __________________________________

    1855 Barker Cypress Rd.

    Suite 120

    Houston, TX 77084

    281 578-1040 Ofc

    832-201-9121 Fax

    www.taxss.com

     

    What Is FIRPTA?     https://youtu.be/yzX19A2XTIU

    Que es FIRPTA?  https://www.youtube.com/watch?v=kNcVjuJ2rSs

     

    For more FIRPTA Tips visit our YouTube page   

     

     

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  • 2.  RE: FIRPTA

    Posted 05-30-2023 09:52

    Did you know that individuals with student visa (among others) are required to file a Non-Resident U.S. return, their days of presence in the U.S. are moot and they are considered Foreign Sellers.

    So if you have an individual who has been in the U.S. for 3 or 4 years and meets SPT that person can still be subject to FIRPTA withholding.

    Question? give us a call, we will be glad to assist you (281) 578-1040 or send me an email mary.santiago@taxss.com



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    Mary Enzi
    Tax Solutions – FIRPTA Consulting
    Barker TX
    +1 (281) 578-1040
    ------------------------------

    Original Message
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  • 3.  RE: FIRPTA

    Posted 06-12-2023 11:28

    WHAT IF THE SELLER IS A DOMESTIC LLC?
    Single-Member LLC:  A single-member domestic limited liability company, while a recognized legal entity, is considered a "Disregarded Entity" for tax purposes. So, if the seller is a single-member limited liability company, then you have to look to the identity of the sole member of the limited liability company. If the sole member is a "Foreign Person," then the FIRPTA withholding rules apply in the same manner as if the foreign sole member was the seller.

    Call us for more information and to request trifolds an a free class to your Escrow Team



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    Mary Enzi
    Tax Solutions – FIRPTA Consulting
    Barker TX
    +1 (281) 578-1040
    ------------------------------

    Original Message
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  • 4.  RE: FIRPTA

    Posted 06-29-2023 12:47

    Does FIRPTA Apply to Vacant Land? 
    FIRPTA applies to all property, including vacant land, purchased from a foreign seller. The FIRPTA withholding tax required on the sale of vacant land is 15%, and there is no eligibility for reductions or exemptions from the rate, as there is for residences.



    ------------------------------
    Mary Enzi
    Tax Solutions – FIRPTA Consulting
    Barker TX
    +1 (281) 578-1040
    ------------------------------

    Original Message
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