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Video instructions and help with filling out and completing Irs form 8288-a 2022
Music hi my name is Keith Barrett founder and president of Vesta settlements in this video we're going to discuss some basics of FERPA where the foreign investment in real property tax act now before we go too far let me make a very clear disclaimer first it can be complicated it is based out of the tax code I've only read about a hundred of the 15,000 pages that are contained in the tax code and nothing that is said in this video is in any way a replacement for professional tax advice from a CPA or a tax attorney the purpose of this video is just to go over some real basic stuff and perhaps allow you to red flag some issues in transactions going forward so FERPA so really the purpose of hurp Duff was there was a concern that foreign individuals were buying the US through the property selling it presumably at a profit and then not paying the required tax on that this was a problem and so perc des was enacted again foreign investment in real property tax act which then created a withholding requirement in those situations to be sure that Treasury would get their money so here's basically how it works in a real estate transaction in which the seller is a non-resident alien so not a US citizen or lawful permanent resident otherwise a green card holder in those situations there may be a withholding requirement here's how the with holding works we start with the general proposition that the withholding is 15 percent of the sales price but we have to kind of peel away a couple layer they did layers of the onion here so if the sales price is over $1,000,000 the withholding is 15 percent if the sales price is not over 1 million but over $300,000 and the buyer is going to use the property as their primary residence that withholding is 10% if the withholding is 300,000 or less and the buyer is going to use the property as their primary residence then there is no withholding so it's kind of this graduated scale under 300,000 and the buyers going to use it as their primary residence no withholding 3 over 300,000 but less than a million 10% and then over a million 15% there are some other exceptions as well there's an exception called the substantial presence test which really for purposes of this video is beyond the scope it's actually a somewhat complicated analysis that deals with literal physical presence within the US could be 183 days in the current year and you can go back about two years before that but days are not considered whole days in those prior years for example in the year immediately preceding of one day of presences actually counted in 1/3 of the day and then in the year prior that one day of presence is counted as 1/6 of the day and then you.