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Form 8288-B Minnesota: What You Should Know

B. Information return and a U.S. withholding tax return for  Each transferor  Submitting Form 8288 with a Federal Income Tax Return (Form 1040) Submitting Form 8288 with a U.S. Information Return and a Federal Income Tax Return (Form 1040) To complete the Tax Worksheet on IRS.gov, select the “For a Tax Worksheet, enter information about the payment” link. (If a copy of Form 8288 is not available by 8/16/2021, enter the completed form no. 828-C.) Instructions on IRS Form 8288 — IRS The payment amount is generally taxable income or capital. This amount is includible in income on the U.S. source gross income to the extent that it represents U.S. real property interests. If the payment amount is not taxable income or capital to the recipient, the recipient's distributive shares of the taxable income or capital may be included. The payment amount is not includible in the gross income or capital of any transferee who is a tax resident of the United States. What is the Amount of Credit? If the amount of the withholding credit is equal to or less than 5% of the gross amount of the property disposed of, no credit is due to the payee that exceeds the total amount of withholding credited to taxpayers. Therefore, if the gross amount paid to a payee is 5,000, the payee should include 5% of that amount as withheld on his or her U.S. income tax return. However, if the person to whom the property was sold paid the seller only 1,000 for the property, the 1,000 paid should be exempt from U.S. withholding tax. Consequently, the 1,000 paid to the seller should be included in income by virtue of the 5,000 price reduced by 1,000. If the amount of withholding credited equals or exceeds the amount withheld, no credit is due to the payee. This is true even if the gross amount paid to a payee is 5,000; in that case, each payment received by you as a result of the sale of the property must be reported on your income tax return. If you have income reported on a Form 1040, refer to its instructions for information on whether the IRS may claim a reduction or a credit for any withholding tax you have paid.

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