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Form 8288-B for Austin Texas: What You Should Know

Filing Requirements Form 8288-B must be filed only for dispositions of U.S. real property interests in which the buyer's share is 5,000 or less, if the U.S. seller is a foreign person, other than a United States person, or if the U.S. seller is a nonresident alien individual and the property is located in a sale zone. Sales within a sale zone or other special circumstances, such as a sale to a foreign entity, can be exempt.  A Form 8288 is not applicable to a disposition of land, other than U.S. real estate interests. (1) This Form 8288-B is required if the sale price is 50,000 or less, the purchase date is during the tax year or a subsequent tax year, or if the principal place of business is located within a sale zone or other special circumstances. (2) The Form 8288 is sent to the Oregon Land Title Association (ALTA) within five business days of processing.  (3) A copy of a completed Schedule B and the appropriate information required in Table II are attached at the top of the original Form 8288-B.  (4) If the property is located in an area of the U.S. that only exempt sales occur in, it may be helpful to include an attached Schedule C with the applicable information from Table II. The appropriate Form 8288-B for the U.S. disposition must be mailed to ALTA within thirty days of the date of the sale in an envelope labeled “Application for Withholding Certificate for Dispositions by Foreign Persons of U.S. Real Property Interests”.  Application of Schedule B and Information from Table II (a) The Schedule B must be obtained from the California Department of State as directed in Section 15.04 of the California Tax Guide (Cal. Admin. Code 12600). (b) The Schedule B must be prepared on a Form 1065; however, the Tax Adviser advises that an affidavit of address is sometimes required to show proof of identity, which will further limit the number of returns generated. The amount of Schedule B and the amount of information from Table II should be equal to or greater than the amount of Schedule B on a Form 1065. (d) The Schedule B and the amount of information from Table II should be sent with the Form 8288-B.

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