Firpta Affidavit Florida

• Category: Florida Real Estate - Closings
• State: Florida
• County: Miami-Dade
• Control #: FL-CLOSE7
• Format: Word; Rich Text

Description

This Non-Foreign Affdavit Under Internal Revenue Code 1445 is for a seller of real property to sign stating that he or she is not a foreign person as defined by the Internal Revenue Code Section 26 USC 1445. This document must be signed and notarized. Miami-Dade Florida Non-Foreign Affidavit Under IRC 1445: A Comprehensive Explanation Introduction: The Miami-Dade Florida Non-Foreign Affidavit Under IRC 1445 is a crucial legal document pertaining to real estate transactions involving non-U.S. citizens. Created under the Internal Revenue Code (IRC) Section 1445, this affidavit ensures compliance with federal tax laws and serves to safeguard the interests of both buyers and sellers. Key Information: When a non-U.S. citizen sells a U.S. real property interest (US RPI), the Foreign Investment in Real Property Tax Act (FIR PTA) requires the buyer, known as the transferee, to withhold a portion of the total sale proceeds. This withholding serves as a guarantee that any capital gains tax owed by the seller will be collected by the Internal Revenue Service (IRS). The Miami-Dade Florida Non-Foreign Affidavit Under IRC 1445 is a legal instrument that certifies the seller's non-foreign status, exempting them from FIR PTA withholding requirements. Purpose and Benefits: The primary aim of the Miami-Dade Florida Non-Foreign Affidavit Under IRC 1445 is to affirm that the seller is not a foreign person, thereby making them eligible for an exemption from FIR PTA withholding. By submitting this affidavit, the seller declares under penalty of perjury that they are a United States citizen, resident alien, domestic corporation, or other eligible entity under IRC regulations. The affidavit must be signed by the seller and notarized before being provided to the buyer and other relevant parties. Types of Non-Foreign Affidavit Under IRC 1445 in Miami-Dade, Florida: While there are no specific subtypes of the Miami-Dade Florida Non-Foreign Affidavit Under IRC 1445, it is essential to understand that the affidavit may slightly vary based on specific county or state requirements. Therefore, it is crucial to consult with a qualified real estate attorney or legal professional in Miami-Dade, Florida, to ensure compliance with all local regulations. Key Components and Required Information: To be considered valid, the Miami-Dade Florida Non-Foreign Affidavit Under IRC 1445 should include the following information: 1. Seller's full legal name, current address, contact information, and taxpayer identification number (Social Security Number or Employer Identification Number). 2. A statement affirming the seller's non-foreign status and their eligibility under IRC Section 1445. 3. A declaration, signed and notarized by the seller, that the information provided is accurate and complete under penalty of perjury. 4. Notary acknowledgment of the seller's signature, including the notary's name, signature, official seal or stamp, and commission expiration date. Conclusion: The Miami-Dade Florida Non-Foreign Affidavit Under IRC 1445 is an essential legal document in real estate transactions involving non-U.S. citizen sellers. By completing this affidavit, sellers affirm their non-foreign status, allowing them to be exempted from the FIR PTA withholding requirements. Adhering to the intricacies of these regulations is crucial for all parties involved in ensuring a smooth and compliant real estate transaction in Miami-Dade, Florida.

Miami-Dade Florida Non-Foreign Affidavit Under IRC 1445: A Comprehensive Explanation Introduction: The Miami-Dade Florida Non-Foreign Affidavit Under IRC 1445 is a crucial legal document pertaining to real estate transactions involving non-U.S. citizens. Created under the Internal Revenue Code (IRC) Section 1445, this affidavit ensures compliance with federal tax laws and serves to safeguard the interests of both buyers and sellers. Key Information: When a non-U.S. citizen sells a U.S. real property interest (US RPI), the Foreign Investment in Real Property Tax Act (FIR PTA) requires the buyer, known as the transferee, to withhold a portion of the total sale proceeds. This withholding serves as a guarantee that any capital gains tax owed by the seller will be collected by the Internal Revenue Service (IRS). The Miami-Dade Florida Non-Foreign Affidavit Under IRC 1445 is a legal instrument that certifies the seller's non-foreign status, exempting them from FIR PTA withholding requirements. Purpose and Benefits: The primary aim of the Miami-Dade Florida Non-Foreign Affidavit Under IRC 1445 is to affirm that the seller is not a foreign person, thereby making them eligible for an exemption from FIR PTA withholding. By submitting this affidavit, the seller declares under penalty of perjury that they are a United States citizen, resident alien, domestic corporation, or other eligible entity under IRC regulations. The affidavit must be signed by the seller and notarized before being provided to the buyer and other relevant parties. Types of Non-Foreign Affidavit Under IRC 1445 in Miami-Dade, Florida: While there are no specific subtypes of the Miami-Dade Florida Non-Foreign Affidavit Under IRC 1445, it is essential to understand that the affidavit may slightly vary based on specific county or state requirements. Therefore, it is crucial to consult with a qualified real estate attorney or legal professional in Miami-Dade, Florida, to ensure compliance with all local regulations. Key Components and Required Information: To be considered valid, the Miami-Dade Florida Non-Foreign Affidavit Under IRC 1445 should include the following information: 1. Seller's full legal name, current address, contact information, and taxpayer identification number (Social Security Number or Employer Identification Number). 2. A statement affirming the seller's non-foreign status and their eligibility under IRC Section 1445. 3. A declaration, signed and notarized by the seller, that the information provided is accurate and complete under penalty of perjury. 4. Notary acknowledgment of the seller's signature, including the notary's name, signature, official seal or stamp, and commission expiration date. Conclusion: The Miami-Dade Florida Non-Foreign Affidavit Under IRC 1445 is an essential legal document in real estate transactions involving non-U.S. citizen sellers. By completing this affidavit, sellers affirm their non-foreign status, allowing them to be exempted from the FIR PTA withholding requirements. Adhering to the intricacies of these regulations is crucial for all parties involved in ensuring a smooth and compliant real estate transaction in Miami-Dade, Florida.

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