(FIRPTA) is a certificate of non-foreign status. FIRPTA addresses the disposition of U.S. real property interest by a foreign person. Section 1445 of the Internal Revenue Code requires that all transferees (buyers) of real property owned by a foreign person withhold and pay to the IRS up to 15% of the amount realized on the sale.
If one or more of these circumstances apply, a seller may be exempt from this law:
- The sales price is less than $300,000 and the buyer has definite plans to reside in the home for at least 50% of the first 24 months that the property is being used by any person
- The seller provides written certification that they are not a foreign person
- The buyer receives a withholding certificate from the IRS that excuses the withholding
- The amount the seller realizes on the sale or transfer of the property interest is zero
What is CAL-FIRPTA
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
