What is Form 8288-A?
Form 8288-A, known as the Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests, is used by buyers or their withholding agents to report the amount of tax withheld from the sale of U.S. real property to a foreign seller. It details each seller's information and the corresponding tax owed. This form is crucial for the IRS to monitor tax compliance and ensure that foreign sellers fulfill their U.S. tax obligations. It must be submitted alongside Form 8288 within 20 days of the sale date.
What is Form 8288-A used for?
Form 8288-A is important for foreign individuals selling U.S. real estate. It serves several key purposes:
- Reporting Withholding: It reports the tax withheld from the sale proceeds.
- Identifying Foreign Persons: It identifies each foreign seller subject to withholding.
- Providing Taxpayer Information: It includes the taxpayer identification number (TIN) of the foreign seller.
- Tracking Withholding Credits: It helps ensure foreign sellers receive their correct withholding credits.
How to fill out Form 8288-A?
- 1
Complete Form 8288-A for each foreign person subject to withholding.
- 2
Attach Copies A and B to Form 8288-A.
- 3
Ensure both the buyer's and seller's TINs are included on the form.
- 4
Endorse Copy B for IRS processing.
- 5
Attach Form 8288-A to Form 8288 and file within 20 days after the disposition.
Who is required to fill out Form 8288-A?
Form 8288-A must be completed by the withholding agent, usually the buyer of U.S. real property interests from foreign persons, as well as corporations, partnerships, estates, and trusts that are obligated to withhold tax.
Afterwards, the IRS sends Copy B to the foreign person, who must attach it to their U.S. income tax return to claim credit for the withheld amount.
When is Form 8288-A not required?
You don't need to file Form 8288-A in several situations. If the sale price is $300,000 or less for a primary residence, if the seller certifies nonforeign status, or if the sale involves publicly traded corporations, the form isn't required. Additionally, if the seller states no gain or loss recognition, receives a withholding certificate from the IRS, or sells to the U.S. government or its entities, skip this form.
When is Form 8288-A due?
The deadline for Form 8288-A is the 20th day after the transfer date. This form must be attached to Form 8288 and details the withholding tax for each seller. Copies A and B are sent to the IRS with Form 8288, while Copy C should be kept by the buyer for their records.
How to get a blank Form 8288-A?
To obtain a blank Form 8288-A, simply visit our website. Remember, our platform helps you fill and download forms but does not support filing.
This is an IRS form that is issued by the buyer or the buyer's withholding agent and must be submitted to the IRS.
Do you need to sign Form 8288-A?
Form 8288-A does not require a signature from the withholding agent. However, if someone else prepares the form, they must sign it and include their Preparer Tax Identification Number (PTIN). Always check for the latest updates to ensure compliance. Use PDF Guru to fill out and download your form, but remember that submission is not supported.
Where to file Form 8288-A?
To submit Form 8288-A, attach it to Form 8288 and mail both to the Ogden Service Center. Ensure all information is accurate.
The IRS will stamp Copy B and send it to the foreign person subject to withholding. Remember, this form cannot be filed online.
