NEW YORK, NY – Real estate closings in New York City involving a foreign seller carry federal tax withholding obligations that can catch buyers and sellers off guard if they are not addressed before ...
An often unknown yet potentially costly tax can emanate from the Foreign Investment in Real Property Tax Act, known as “FIRPTA.” In the following, we discuss a pragmatic approach to the valuation ...
On May 19, 2023 the Internal Revenue Service (IRS) released AM 2023-003 (the Memo or GLAM) holding that the Foreign Investment in Real Property Tax Act's (FIRPTA's) 5% publicly traded exception (the 5 ...
The Foreign Investment in Real Property Tax Act (FIRPTA) requires most foreigners who sell or otherwise dispose of U.S. real property to pay capital gains tax on any profits. To make sure the tax is ...
Navigating federal tax requirements when selling real estate as a non-citizen in New York can be complex. Natalia A. Sishodia ( ), a New York foreign investment lawyer at Sishodia PLLC, offers ...
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