Foreign Investment in Real Property Tax Act

In 1980, Congress enacted the Foreign Investment in Real Property Tax Act (FIRPTA), 26 U.S.C.S. 1445. The law provides that if a seller of real property is a “foreign person,” the buyer must withhold a tax equal to 10{6a6f606e37cd9d9ea72282daca64070620822df4bee8779b5efb00ecd3f9b257} of the gross purchase price, unless an exemption applies under the […]