New Jersey 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. The New Jersey Seller's Affidavit of Nonforeign Status is a legal document used in real estate transactions in the state of New Jersey. It serves to verify the seller's U.S. residency status and confirm that they are not a foreign individual or entity subject to withholding tax under the Foreign Investment in Real Property Tax Act (FIR PTA). The affidavit must be completed by the seller and submitted to the buyer or buyer's representative. Keywords: New Jersey, Seller's Affidavit, Nonforeign Status, real estate transactions, U.S. residency, foreign individual, withholding tax, FIR PTA. Different types of New Jersey Seller's Affidavit of Nonforeign Status may include: 1. Individual Nonforeign Seller Affidavit: This type of affidavit is used when an individual seller (U.S. citizen or resident alien) is selling the property and wants to confirm their nonforeign status. 2. Corporate Nonforeign Seller Affidavit: If the seller is a corporation or a limited liability company (LLC), this affidavit is used to establish its nonforeign status. The affidavit is typically signed by an authorized officer of the company. 3. Trust or Estate Nonforeign Seller Affidavit: When a trust or estate is the seller, this type of affidavit is utilized to demonstrate nonforeign status. It is signed by a trustee or executor, respectively. 4. Partnership Nonforeign Seller Affidavit: If the seller is a partnership, this affidavit is completed by a general partner to affirm that the partnership is not considered a foreign entity. By utilizing the appropriate Seller's Affidavit of Nonforeign Status, all parties involved in a real estate transaction in New Jersey can ensure compliance with FIR PTA and avoid potential tax implications.

The New Jersey Seller's Affidavit of Nonforeign Status is a legal document used in real estate transactions in the state of New Jersey. It serves to verify the seller's U.S. residency status and confirm that they are not a foreign individual or entity subject to withholding tax under the Foreign Investment in Real Property Tax Act (FIR PTA). The affidavit must be completed by the seller and submitted to the buyer or buyer's representative. Keywords: New Jersey, Seller's Affidavit, Nonforeign Status, real estate transactions, U.S. residency, foreign individual, withholding tax, FIR PTA. Different types of New Jersey Seller's Affidavit of Nonforeign Status may include: 1. Individual Nonforeign Seller Affidavit: This type of affidavit is used when an individual seller (U.S. citizen or resident alien) is selling the property and wants to confirm their nonforeign status. 2. Corporate Nonforeign Seller Affidavit: If the seller is a corporation or a limited liability company (LLC), this affidavit is used to establish its nonforeign status. The affidavit is typically signed by an authorized officer of the company. 3. Trust or Estate Nonforeign Seller Affidavit: When a trust or estate is the seller, this type of affidavit is utilized to demonstrate nonforeign status. It is signed by a trustee or executor, respectively. 4. Partnership Nonforeign Seller Affidavit: If the seller is a partnership, this affidavit is completed by a general partner to affirm that the partnership is not considered a foreign entity. By utilizing the appropriate Seller's Affidavit of Nonforeign Status, all parties involved in a real estate transaction in New Jersey can ensure compliance with FIR PTA and avoid potential tax implications.