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Form 8288-B for Carlsbad California: What You Should Know
E. No later than the end of January, and that the taxpayer submit the request for reduction within 30 days from the due date. The foreign seller, at the IRS request, will provide a written notice to the State taxing authority which will be used to claim a deficiency on the tax, and the foreign seller will also provide to the IRS a detailed estimate of the fair market value of the property. (d) The information provided to the IRS will be included under Part IV. (E) The foreign seller will provide their IRS address and the foreign Seller Certificate to the State taxing authority. (f) Form 5655 is to be signed by the foreign Seller and IRS. A U.S. mailing address, and phone number are to be provided for the foreign Seller. (g) Any such tax returns/deficiency estimates sent to the IRS, will be provided to the Taxpayer within 60 days from the date of notice from the IRS to the foreign seller. (h) When the foreign buyer pays the Property in California (which must include the FTA withholding), the Buyer's name will appear as the property's FTA buyer. (i) When the foreign buyer pays the Property in New York it must either be a PA transaction using Form 5655 or a PCs transaction using the same form. The purpose of this is to avoid payment of tax for both property transfers. (j) The foreign seller may use the same forms as described in Paragraphs (g) and (h). This may be done at any time after payment of all tax due. (k) The foreign seller should send the payment to the State Tax Authority (usually the New York State Department of Taxation) in accordance with the rules set forth in NY CRR §§ 7-107, 7-107(b) and 7-117. (l) If the foreign buyer pays the Property in California and does not use Form 5655/57 (which must be used for PA and PCs property), the Buyer's name also will appear on the tax return for that State. This will be done using Form 5655/57, at which point the Buyer's name must appear for any tax due.
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