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Form 8288-B for Surprise Arizona: What You Should Know

The purpose of Form 8288-B (Form 8289B on some websites) is to reduce or eliminate withholding on property, as follows: Property which is either: Real property of a foreign person (a.k.a. U.S. real property interests) or Real property interest in property in which the taxpayer has an ownership interest with respect to another person (a.k.a. ownership interest, in another person, or foreign-owned interest) (see also IRM 1.41.15.3, Foreign Business Entities, for an additional listing of countries and their rules for these types of property). What happens if U.S. property is “held in trust” by another US person? For purposes of U.S. IRS rules, a property that is held in trust in a non-U.S. person is U.S. real property interest in non-U.S. person, or U.S. property interest in property held in trust by a trust in which a U.S. person has a controlling interest. See Example 1 below. Example 2 This example illustrates the principles above. If T owns property in the U.S., and if he is the controlling person of the trust, and he does not have a foreign trust, he is required to report all U.S. real property interests on Form 8832, Statement of Income for U.S. Persons. Similarly, for the foreign trust, T must report all non-U.S. real property interest(s) on Form 8832. If T is both the controlling person of the trust and non-U.S., and if T does not have a trust (i.e. he receives U.S. trust income without giving up all U.S. tax-exempt interest in the trust), T must report all U.S. real property interests on Form 8288, Application for Withholding Certificate (Form 8289B on some websites). Likewise, T must file Schedule N with the appropriate income tax return if he is an individual (see IRM 1.41.18, Foreign Trust Information for persons, for general information about how the trust and the U.S. non-U.S. trust are treated for purposes of the FAR requirements). In Example 2, it is not determined whether T is an individual or a foreign trust for U.S. purposes.

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