Pembroke Pines Florida Non-Foreign Affidavit Under IRC 1445

• Category: Florida Real Estate - Closings
• State: Florida
• City: Pembroke Pines
• 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. Pembroke Pines Florida Non-Foreign Affidavit Under IRC 1445: A Comprehensive Overview Introduction: The Pembroke Pines Florida Non-Foreign Affidavit Under IRC 1445 is a significant legal document used in real estate transactions involving the disposition of a United States real property interest (US RPI) by a foreign seller. The Internal Revenue Code (IRC) section 1445 requires foreign individuals or entities to meet specific tax withholding obligations during the sale of US RPI. However, if the seller can prove their non-foreign status through a properly executed Pembroke Pines Non-Foreign Affidavit, the buyer is not obligated to withhold the required tax. Types of Pembroke Pines Florida Non-Foreign Affidavit Under IRC 1445: 1. Individual Non-Foreign Affidavit: This type of affidavit is filled out and signed by an individual seller who is a United States citizen, resident alien, or nonresident alien holding a valid US taxpayer identification number. 2. Entity Non-Foreign Affidavit: Unlike an individual affidavit, this form is filled out by a foreign corporation, partnership, Limited Liability Company (LLC), or any other entity, seeking to prove its non-foreign status in compliance with IRC section 1445. Key Elements of Pembroke Pines Florida Non-Foreign Affidavit Under IRC 1445: 1. Personal Information: — Full Name: The seller's complete legal name. — Address: The seller's current address, including street, city, state, and zip code. — Country of Residence: The seller's country of primary residence. 2. Tax Identification: — Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) for individual sellers. — Employer Identification Number (EIN) for entities. — If an entity has multiple owners, provide the name and TIN/ITIN of each substantial owner (10% or more ownership interest). 3. Certification of Non-Foreign Status: — The affidavit should include a clear statement affirming the seller's non-foreign status as per IRC section 1445. — The seller declares under penalties of perjury that they are not a foreign person, as defined by the IRC. 4. Acknowledgment and Signature: — Date: The date the affidavit is signed. — Signature: The seller's signature, indicating their consent and agreement to the contents of the affidavit. — Capacity: If signing on behalf of an entity, the individual should indicate their capacity (e.g., President, Manager, etc.). Conclusion: The Pembroke Pines Florida Non-Foreign Affidavit Under IRC 1445 is an essential legal document used to verify the non-foreign status of a seller in real estate transactions involving US RPI. This affidavit ensures compliant withholding practices as required under the Internal Revenue Code. Different types of affidavits cater to individual sellers and entities, promoting transparency and adherence to tax obligations. By filling out and executing this affidavit accurately, sellers can facilitate a smooth property transfer process without unnecessary tax withholding.

Pembroke Pines Florida Non-Foreign Affidavit Under IRC 1445: A Comprehensive Overview Introduction: The Pembroke Pines Florida Non-Foreign Affidavit Under IRC 1445 is a significant legal document used in real estate transactions involving the disposition of a United States real property interest (US RPI) by a foreign seller. The Internal Revenue Code (IRC) section 1445 requires foreign individuals or entities to meet specific tax withholding obligations during the sale of US RPI. However, if the seller can prove their non-foreign status through a properly executed Pembroke Pines Non-Foreign Affidavit, the buyer is not obligated to withhold the required tax. Types of Pembroke Pines Florida Non-Foreign Affidavit Under IRC 1445: 1. Individual Non-Foreign Affidavit: This type of affidavit is filled out and signed by an individual seller who is a United States citizen, resident alien, or nonresident alien holding a valid US taxpayer identification number. 2. Entity Non-Foreign Affidavit: Unlike an individual affidavit, this form is filled out by a foreign corporation, partnership, Limited Liability Company (LLC), or any other entity, seeking to prove its non-foreign status in compliance with IRC section 1445. Key Elements of Pembroke Pines Florida Non-Foreign Affidavit Under IRC 1445: 1. Personal Information: — Full Name: The seller's complete legal name. — Address: The seller's current address, including street, city, state, and zip code. — Country of Residence: The seller's country of primary residence. 2. Tax Identification: — Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) for individual sellers. — Employer Identification Number (EIN) for entities. — If an entity has multiple owners, provide the name and TIN/ITIN of each substantial owner (10% or more ownership interest). 3. Certification of Non-Foreign Status: — The affidavit should include a clear statement affirming the seller's non-foreign status as per IRC section 1445. — The seller declares under penalties of perjury that they are not a foreign person, as defined by the IRC. 4. Acknowledgment and Signature: — Date: The date the affidavit is signed. — Signature: The seller's signature, indicating their consent and agreement to the contents of the affidavit. — Capacity: If signing on behalf of an entity, the individual should indicate their capacity (e.g., President, Manager, etc.). Conclusion: The Pembroke Pines Florida Non-Foreign Affidavit Under IRC 1445 is an essential legal document used to verify the non-foreign status of a seller in real estate transactions involving US RPI. This affidavit ensures compliant withholding practices as required under the Internal Revenue Code. Different types of affidavits cater to individual sellers and entities, promoting transparency and adherence to tax obligations. By filling out and executing this affidavit accurately, sellers can facilitate a smooth property transfer process without unnecessary tax withholding.

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