Guam Seller's Affidavit of Nonforeign Status

• Category: Federal - IRS
• State: Multi-State
• Control #: US-0604BG
• Format: Word; Rich Text

Description

Section 1445 of the Internal Revenue Code provides that a transferee of U.S. real property interest must withhold tax if the transferor is a foreign person. To inform the transferee that withholding of tax is not required is upon the disposition of a U.S. real property, this affidavit may be executed. Guam Seller's Affidavit of Nonforeign Status serves as a crucial document in real estate transactions based in Guam, ensuring compliance with tax regulations. This affidavit is primarily used when a seller, who is not a U.S. citizen or resident alien, intends to dispose of real property located in Guam. By completing this form, the seller confirms their nonforeign status and exemption from the Foreign Investment in Real Property Tax Act (FIR PTA) withholding requirements. The Guam Seller's Affidavit of Nonforeign Status collects pertinent details such as the seller's full legal name, contact information, social security or taxpayer identification number, and Guam-specific residency information. The form also requires the seller to provide a statement affirming their nonforeign status, certifying that they are not a foreign individual or entity subject to FIR PTA withholding. It is important to note that there are no distinct types or variations of the Guam Seller's Affidavit of Nonforeign Status. However, it is essential to use the most up-to-date version of the form provided by the Guam Department of Revenue and Taxation, as any outdated or incorrect versions may lead to non-compliance and potential legal issues. Real estate professionals, attorneys, and title companies involved in Guam real estate transactions rely on the accuracy and completeness of the Guam Seller's Affidavit of Nonforeign Status to ensure a smooth and legally compliant transfer of property ownership. This document serves both the seller and the buyer, ensuring transparency and adherence to the tax obligations associated with real estate transactions in Guam. In summary, the Guam Seller's Affidavit of Nonforeign Status is a critical document used in real estate transactions involving non-U.S. citizens or residents selling property in Guam. By accurately completing this form, sellers can confirm their nonforeign status and ensure compliance with FIR PTA requirements. It is crucial to utilize the most recent version of the form provided by the Guam Department of Revenue and Taxation to avoid any potential complications.

Guam Seller's Affidavit of Nonforeign Status serves as a crucial document in real estate transactions based in Guam, ensuring compliance with tax regulations. This affidavit is primarily used when a seller, who is not a U.S. citizen or resident alien, intends to dispose of real property located in Guam. By completing this form, the seller confirms their nonforeign status and exemption from the Foreign Investment in Real Property Tax Act (FIR PTA) withholding requirements. The Guam Seller's Affidavit of Nonforeign Status collects pertinent details such as the seller's full legal name, contact information, social security or taxpayer identification number, and Guam-specific residency information. The form also requires the seller to provide a statement affirming their nonforeign status, certifying that they are not a foreign individual or entity subject to FIR PTA withholding. It is important to note that there are no distinct types or variations of the Guam Seller's Affidavit of Nonforeign Status. However, it is essential to use the most up-to-date version of the form provided by the Guam Department of Revenue and Taxation, as any outdated or incorrect versions may lead to non-compliance and potential legal issues. Real estate professionals, attorneys, and title companies involved in Guam real estate transactions rely on the accuracy and completeness of the Guam Seller's Affidavit of Nonforeign Status to ensure a smooth and legally compliant transfer of property ownership. This document serves both the seller and the buyer, ensuring transparency and adherence to the tax obligations associated with real estate transactions in Guam. In summary, the Guam Seller's Affidavit of Nonforeign Status is a critical document used in real estate transactions involving non-U.S. citizens or residents selling property in Guam. By accurately completing this form, sellers can confirm their nonforeign status and ensure compliance with FIR PTA requirements. It is crucial to utilize the most recent version of the form provided by the Guam Department of Revenue and Taxation to avoid any potential complications.