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What is FIRPTA?

Can someone breakdown what FIRPTA is in a basic way?
Asked By Rodrigo | Miami, FL | 360 views | International Real Estate | 1 year ago
Answer(3)
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Pro
123 Answers
Chris Yochum

Dickson Realty

(19)

When buying from a foreign owner in the US, 10% of the purchase price must be withheld along with appropriate documentation sent to the IRS.
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Semi-Pro
47 Answers
Lynne Pruell

Realty 100 LLC

(16)

Buyers are required to hold a portion of the sales proceeds and send to IRS as a form of tax. It is generally between 10-15%.

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Novice
2 Answers
Michael Salamone

Denovo Realty

FIRPTA is a tax law that imposes U.S. income tax on foreign persons selling U.S. real estate. Under FIRPTA, if you buy U.S. real estate from a foreign person, you may be required to withhold 10% of the amount realized from the sale. The amount realized is normally the purchase price.

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