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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?

Real Estate Tax
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Tax Professional Answers

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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 368 weeks ago

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Paul Davidson
Just in case anyone need to fill out an IRS form 8288, I found a blank form in this link This site PDFfiller also has several related tax forms that you might find useful.
Reply 281 weeks ago

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