EricLaurie
Mouseketeer
- Joined
- Mar 18, 2016
Last November, we purchased a resale CCV contract from international sellers. Closing was with Mason Title. Yesterday, we got a letter from the IRS. They received our form 8288-B (Application for Withholding Certificate of Dispositions by Foreign Persons of US Real Property Interest). They rejected the application because the transferor didn't follow the procedures. It goes on to say I was required to submit form 8288-B and 8288-A.
Transferor is also required to file a US income tax return to report the disposition.
IRS gives us 20 days from date of letter to respond before accruing penalties.
We did purchase a resale contract several years ago from an international seller - no problem. Is this an issue with the title company? How it takes them a year to figure this out and send me this letter I'll never know. Frustrating - I'm sure if I try to call the IRS number tomorrow I'll hold forever (if I get through at all).
Transferor is also required to file a US income tax return to report the disposition.
IRS gives us 20 days from date of letter to respond before accruing penalties.
We did purchase a resale contract several years ago from an international seller - no problem. Is this an issue with the title company? How it takes them a year to figure this out and send me this letter I'll never know. Frustrating - I'm sure if I try to call the IRS number tomorrow I'll hold forever (if I get through at all).