Chicago Illinois Non-Foreign Affidavit Under IRC 1445

• Category: Illinois Real Estate - Closings
• State: Illinois
• City: Chicago
• Control #: IL-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. The Chicago Illinois Non-Foreign Affidavit Under IRC 1445 is a legal document that is required for certain real estate transactions involving non-foreign sellers. This affidavit is specifically related to the Internal Revenue Code (IRC) Section 1445, which pertains to the withholding of tax on dispositions of the United States real property interests by foreign individuals, partnerships, corporations, and estates. This affidavit serves as proof that the seller of the property is not a foreign person, as defined by the IRC, and is therefore exempt from the withholding tax requirements. It is an important document that must be completed accurately and submitted to the relevant authorities to ensure compliance with the law. The affidavit typically requires the seller to provide personal information, such as their full legal name, social security number, and contact details. They may also need to provide additional information, such as their date of birth and citizenship status, to establish their non-foreign status. In addition to the general Non-Foreign Affidavit Under IRC 1445, there are different types of this affidavit that may be used depending on the specific circumstances of the transaction. These types include: 1. Residential Property Affidavit: This type of affidavit is used when the property being sold is a residential property, such as a single-family home or a condominium unit. 2. Commercial Property Affidavit: This type of affidavit is used when the property being sold is a commercial property, such as an office building, retail space, or industrial facility. 3. Partnership/LLC Affidavit: In cases where the seller is a partnership or limited liability company (LLC), this specific type of affidavit may be required to establish the non-foreign status of the entity. It is crucial to correctly identify the type of affidavit required for a particular transaction and to complete it accurately. Failure to provide a valid Non-Foreign Affidavit Under IRC 1445 when required may result in penalties or delays in the closing process. It is advisable to consult with a legal professional or a real estate attorney to ensure compliance with the specific requirements of Chicago, Illinois, and IRC 1445 when completing this important document.

The Chicago Illinois Non-Foreign Affidavit Under IRC 1445 is a legal document that is required for certain real estate transactions involving non-foreign sellers. This affidavit is specifically related to the Internal Revenue Code (IRC) Section 1445, which pertains to the withholding of tax on dispositions of the United States real property interests by foreign individuals, partnerships, corporations, and estates. This affidavit serves as proof that the seller of the property is not a foreign person, as defined by the IRC, and is therefore exempt from the withholding tax requirements. It is an important document that must be completed accurately and submitted to the relevant authorities to ensure compliance with the law. The affidavit typically requires the seller to provide personal information, such as their full legal name, social security number, and contact details. They may also need to provide additional information, such as their date of birth and citizenship status, to establish their non-foreign status. In addition to the general Non-Foreign Affidavit Under IRC 1445, there are different types of this affidavit that may be used depending on the specific circumstances of the transaction. These types include: 1. Residential Property Affidavit: This type of affidavit is used when the property being sold is a residential property, such as a single-family home or a condominium unit. 2. Commercial Property Affidavit: This type of affidavit is used when the property being sold is a commercial property, such as an office building, retail space, or industrial facility. 3. Partnership/LLC Affidavit: In cases where the seller is a partnership or limited liability company (LLC), this specific type of affidavit may be required to establish the non-foreign status of the entity. It is crucial to correctly identify the type of affidavit required for a particular transaction and to complete it accurately. Failure to provide a valid Non-Foreign Affidavit Under IRC 1445 when required may result in penalties or delays in the closing process. It is advisable to consult with a legal professional or a real estate attorney to ensure compliance with the specific requirements of Chicago, Illinois, and IRC 1445 when completing this important document.

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