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Form 8288-B online PA: What You Should Know

March 2014) — IRS For most cases, including tax haven and foreign property owners, Form 8288-B (Rev. February 2016) has no effect. The amount of withholding is calculated based on “exposure” and the value of the property.  If there is a large trust that owns foreign real property that may be subject to tax by the United States on its foreign income, it may be advantageous to have your trust file Form 8288-B (Rev. February 2016) and have you withhold the required amount on the income in excess of the trust's exposure to income tax liability. However, as a general rule, a trust that owns foreign real property must also withhold 200 (for individuals) and 300 (for trusts) with the Form 8288-B (Rev. February 2016) application. The trust's liability is only for tax on the difference between its “exposure” and what it has been shown to be able to earn. See below for an example. 8288+Non-foreign+persons+of+U.S. Renter's+Real+Property+Interests If your trust, or a trust that is a part of your trust, owns some or all of your real property, and you own other assets, you need to file Form 8288(R)(2), to establish if it is not subject to payment of property tax in the United States from the sale of those properties. This should be filed with your Form 1040NR and the income tax return(s) you file in 2018. 8288+Non-Foreign+persons+of+U.S. Property+Interests (If the trust can “make up” its exposure with income tax liability.) 8288-A/B, Alternative Payment Method If you are required to file Form 8288 (R)(3), you must also file Form 8288-A or Form 8288-B, depending on the method you used to pay the total sales price of the real property. Use Form 8288-A to calculate the fair market value of the property and to determine if you have to withhold tax on the sales price. Use Form 8288-B to calculate the amount of U.S. withholding on payments of the total sales price and withhold on the income from the real property.

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