FIRPTA - WHAT IS IT?
US tax laws require that a non-resident alien who has sold his property acquired in the US is subject to 15% withholding tax on the gross sale amount.
The withheld amount must be submitted to the IRS (American Federal Revenue) by the Closing Agent (usually Notary Public), within 20 days of the closing date of the transaction. This amount is held in an escrow account to ensure that foreign shareholders comply with their tax obligations .
We from IConnect Solutions will help you understand and follow all the steps of the process, which is complex and requires a lot of knowledge for its execution.
