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NY Form 8288-B: What You Should Know
May 5, 2023 — IRS provides updated Guidance for Income Tax Withholding Certificate in the amount of 5% of sales of domestic U.S. real property interest February 22, 2023 — Initial Application of Form 8288A to any sales transactions in the US RPI held by an NRA. February 29, 2023 — Application of Form 8288B to any sales transactions in the US RPI held by a foreign person, including a foreign person holding property in the US February 28, 2023 — Withhold tax is no longer considered for sales transactions in the US RPI held by a foreign person for which the withholding certificate can be withheld. April 22, 2023 — Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests, is updated. May 5, 2023 — Form 8288-B is updated to update all forms required for filing with the IRS with respect to the disposition of US Raps. May 25, 2024— Form 8288-B is updated to update all forms required for completing the income tax return due to the IRS. June 1, 2023 — Form 1040, U.S. Individual Income Tax Return, is updated to include the new Form 8288-B. Dec 13, 2023 — Form 1040, U.S. Individual Income Tax Return, is revised. Form 8288-B—Form 8288A The filing form is a 12-page paper form submitted to the IRS on two pieces of paper. It is a two-part, separate application for a federal RR-POF. Application for non- RR-POF. Form 8288-B applies to dispositions by foreign persons of eligible real property interests. Form 8288-B (Rev. February 2016)— IRS Form 8288-B. (Rev. February 2016). Application for Withholding Certificate for Dispositions by Foreign Persons of U.S. Real Property Interests. Income tax withholding on the sale (or exchange) of real property interests held by a foreign person. Withhold tax is not required on dispositions where tax is not due. Income tax withholding for US and foreign property.
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