Date and Time: Tuesday, April 18 (12:00 PM - 1:00 PM)
Description:
Federal law affects every US real estate transaction, 26 USC 1445 states that every seller of US real estate is presumed to be foreign until proven otherwise. Not only does this law place a presumption, but also a burden on a buyer. This seminar ushers the closing agent from the beginning of the transaction with a foreign seller through the issuance of a 1099-S. The buyer of US real property must determine if the seller is foreign or not. If the seller is foreign the buyer must withhold money from the sale and remit to the IRS within 20 days of the sale. There are exceptions, reductions and special forms all of which can be very confusing.
This instructional program will navigate the process of identifying the seller’s status, any applicable exemptions, using the proper forms, where to place the withholding on the settlement statement. It will also cover how to review a request for a withholding certificate which, if approved, will reduce the amount of withholding.
Accreditation:
This webinar is approved for 1.0 general and 1.0 real estate certification credit with The Florida Bar. Accreditation with NALA is pending.
Addressing FIRPTA in Every Transaction (Webinar) (#124845) – This course has been approved by the Florida Department of Financial Services for 1 hour of insurance continuing education credit. ATFS, L.L.C. Provider #367289.