What is FIRPTA?

FIRPTA is the Foreign Investment in Real Property Tax Act created in 1980

 

Empowered by the Debt Reduction Act of 1984 and modified by the Path Act in 2015, the Foreign Investment in Real Property Tax Act requires all Buyers of USA real property sold by Foreign Sellers to withhold 15% (with some exceptions) of the full sale price from the Foreign Seller's proceeds and remit that money to the US Treasury Internal Revenue Service (IRS).

 

The Foreign Seller may then seek a refund and has 3 years to do so, after which the prospect of a refund expires due to a non-negotiable statute of limitations caveat and the IRS keeps the FIRPTA withholding.

Ph:  417-862-4710

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