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Video instructions and help with filling out and completing Form 8288-B
Instructions and Help about Form 8288-B
Music how to reduce withholding taxes on the sale of a u.s. property hi my name is Alan Madden for Madden Chartered Accountant in this video I will explain how Canadian sellers can reduce withholding taxes on the sale of a u.s. property if you are selling or thinking about selling your u.s. real estate then this video is for you when a non-resident of the US sells us real estate the title company must hold back 15% of the sales proceeds this is in accordance with the foreign investment in real property tax act ferpa however if the buyer intends to use the property as a personal residence and the selling price is below 300 thousand then no taxes will be withheld from the sale let's take the example of busting Bieber a Canadian tax resident who is selling his vacation property in Orlando Florida for $1,000,000 I was holding taxed at 15% or 150,000 will apply to the sale busting purchased the property in 2022 for 900,000 busting would like to reduce the taxes to be with health you can do this by completing form 80 to 88 be application for a withholding certificate how to complete form 80 to 88 feet part one sellers information enter your name and tax identification number if you do not have a US tax identification number then you must attach form w7 application for an individual taxpayer identification number to form 80 to 88 be enter your home address in Canada Music part two buyer's information enter the buyers name identification number and address part three applicant check the box for transfer or the transfer is the seller and the applicant parts four and five title companies information enter the name tax identification number and address of the title company the title company is responsible for withholding taxes from the sales proceeds in addition the title company should receive the withholding certificate from the IRS part six details of the sale enter the closing date and selling price check the boxes for real property and personal report the adjusted cost basis this is the purchase price plus the cost of improvements made to the property and closing cost paid when you originally bought the property report the address of the property being sold check no for filing returns and payment of taxes since this is busting x' personal property he was not required to file u.s. tax returns nor was he required to pay us income taxes part seven reason for issuing withholding certificate you have to pra valid reason why the IRS should issue a withholding certificate to you in this case check box seven B because busting tax liability from the sale is less than the taxes to be withheld busting tax liability is eight thousand one hundred thirty nine you can use a personal tax calculator to ethe u.s. income taxes payable arising from the sale of your property however the tax is to be.