TaxConnections

Ask Tax Question

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
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
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 241 weeks ago

User Photo
Paul Davidson
Just in case anyone need to fill out an IRS form 8288, I found a blank form in this link http://pdf.ac/6LJH8. This site PDFfiller also has several related tax forms that you might find useful.
Reply 154 weeks ago


Meet Leading Tax Advisors

User Photo John Stancil

Lakeland, Florida, USA

Tax Advisor/CEO

User Photo Peter J. Scalise

New York, New York, USA

Federal Tax Credits & Incentives Practice Leader

User Photo John Dundon, II EA

Denver, Colorado, USA

Tax Director

 

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

INCREASE KNOWLEDGE WITH EVERY ISSUE OF TAXCONNECTIONS

 

Learn from tax advisors, straight to your inbox

Update My Email Address
Contact Us Today