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Travis Texas Form 8288-B: What You Should Know

S. Real property interests by a foreign person that are not subject to Part III tax under Subpart D of the U.S. Income Tax Regulations. If applicable, the withholding must be reduced or eliminated under the following: A. Taxpayers who elect to withhold on dispositions of U.S. real property interests that are non-Part II. Subpart D properties and foreign interest in the interest in an interest in a nonresident alien individual and do not elect to file a Form 2250T shall file Form 8288-B for reduced or eliminated withholding or remitting of tax from U.S. sources resulting from a foreign-source capital gain or loss on an interest in a nonresident alien individual if tax is remitted to the U.S. on the basis of Form 1099-DIV. For information on the Form 8288-B, complete Form 8288-B, Application for Withholding Certificate for Dispositions by Foreign Persons of U.S. Real Property Interests to Reduce or Eliminate Withholding, with your nonresident alien income tax return. If all the assets of a nonresident alien individual are sold after September 30, 1988, you need tax liability information on the disposition. The date of transfer of the U.S. real property interests may or may not be required by reference to Form 5471, which is filed for tax on U.S. real property interests (including any part acquired as a result of a transaction described in paragraph (a)(1) of Section 572(a) of the Internal Revenue Code (Code)). If the disposition is not a sale for full value the required information shall be on Form 1065, Tax on Capital Gains or Losses from the Sale of Nonresidential Real Property (Subpart F of Part III of Chapter 1 of Part 3 of Division B of Subpart D of the Internal Revenue Code of 1986 (Code)). B. Any taxpayer with a nonresident alien individual as an underlying individual that holds U.S. real property interests in the individual will require the tax liability information that the underlying individual had on Form 5471. These include the information, if any, required to prepare Form 5471A (Form 1065, Return by the Beneficial Owner to Report Gross Income From the Sale of A Nonresidential Real Property Interest in the Individual).

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