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When is 8288 B required Form: What You Should Know

There may be certain situations where a taxpayer's Form 8288 will be denied by IRS. Below is a summary of the general criteria. Non-resident, non-resident alien, nonresident international corporation, tax-exempt organization, or foreign partnership The taxpayer  Makes a distribution from the taxpayer to the corporation, or foreign partnership, during the taxable year. Disposition occurs in the calendar year that includes the disposition date. Distribution must occur within the 180-day period  Beginning 90 days prior to the disposition. In addition to the above, non-resident, non-resident alien, and nonresident international corporations, all types of nonresident foreign corporations must: File a new Form 8848 to report the sale. File Form 8848 with each related foreign corporation. This reduces the number of required corporate filings. A sale occurs in the calendar year that includes the sale date and the taxpayer's filing  For a U.S. real estate sale in the calendar year that includes the sale date, the seller (Buyer) and buyer are: United States (resident) or State of residence If the Buyer or the seller is a corporation, a Form 8288 may be requested from them only if the sale is a capital gain election. If the Buyer is a foreign corporation, they must file Form 8848 if they wish to reduce the withholding on the sale by filing a form with the IRS, Section 7407, to reduce or eliminate the withholding, under section 1445 (which is the same IRS section to which the IRS may apply when a transaction is subject to the alternative minimum tax). See U.S. Income Tax Withholding From Fulfillment Transactions in the Code Section 1445. If, however, the transaction is not a capital gain election, the form may not be requested. If the nonresident alien is a real estate investment trust (REIT) or mutual fund, the REIT needs to file Form 8848 if it wishes to reduce/eliminate the withholding under section 1445 on the sale by making a distribution in the calendar year that includes the sale date. See Code Section 7407 at the end of this tax form. If the nonresident alien and the nonresident alien are both corporations, they must file Form 8288, with Form 8848 and Form 8848 together.

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Video instructions and help with filling out and completing When Is Form 8288 B Required

Instructions and Help about When Is Form 8288 B Required

Much for having us, we're really excited to be here today. I don't know if you're as excited to have a franchisee export here, that's not always the feeling, but we are really excited to be here. We've been working very heavily with the escrow industry for the past year and a half, trying to increase compliance with real estate withholding. The forms need to be filled out correctly so that taxpayers have what they need when they go to file their taxes. One of the things we receive from the escrow companies, and there are a few escrow officers in the audience, is that they want us to talk to the realtor because it would really help them if the Realtors could educate their clients so that there are no surprises when they get to escrow. We're really happy to be here and I know that this opportunity came from a contact I made at an escrow conference, so thank you for having us back. I hope that this is educational and something that you can apply when you're speaking with your buyers and sellers. Also, I'm Linda Castles, the compliance program manager for the real estate withholding programs at Franchise Tax Board. That means I oversee real estate withholding and Linda is our program specialist, so she's very knowledgeable about everything to do with withholding. We will try to answer every question you have before we leave today. Alright, so getting started, here's what we're gonna cover today. In the beginning, I have to say that I forgot to mention that there is something else very important coming up. Okay, so in the beginning, we're just going to give you a brief history of where real estate withholding came from, and we're going to talk about the withholding...