I live in Toronto, Ontario Canada and have just put my Florida townhouse for sale. I heard there is a 10% or 15% withholding tax on the gross proceeds. What can I do to lower the amount?
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Tax Professional Answers
Larry Stolberg, CPA, CA
You can file IRS form 8288-B for a withholding certificate where you summarize in accordance with the particular regulation the purchase and sale of the property and the approximate actual tax liability. When approved the IRS will notify your lawyer on what has to be remitted to the IRS.Leave a Comment 424 weeks ago