Cook Illinois Non-Foreign Affidavit Under IRC 1445

• Category: Illinois Real Estate - Closings
• State: Illinois
• County: Cook
• 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. Cook Illinois Non-Foreign Affidavit Under IRC 1445 is a legal document that relates to the transfer of real estate property in Cook County, Illinois, involving non-foreign individuals or entities. It provides a way to certify that the transferor is not a foreign person as defined by the Internal Revenue Code (IRC) section 1445. The affidavit is an important requirement during the process of selling or transferring property, as it ensures compliance with federal tax laws and regulations. By completing the Cook Illinois Non-Foreign Affidavit, the transferor confirms their non-foreign status, which exempts them from the withholding tax normally applicable to foreign sellers. The affidavit must contain specific information, including the name, address, and taxpayer identification number (TIN) of the transferor(s). It should clearly state that the transferor is not a foreign person or entity. Additionally, it should include details about the property being transferred, such as the address, legal description, and purchase price. Cook Illinois Non-Foreign Affidavit Under IRC 1445 comes in different versions, tailored to specific situations: 1. Individual Transferor Affidavit: This affidavit is used when the transferor is an individual and not a foreign person. It requires the individual's personal information, such as their full name, social security number, and current address. 2. Corporate Transferor Affidavit: This affidavit is applicable when the transferor is a corporation, and it affirms that the corporation is not considered a foreign person. It includes details about the corporation's name, employer identification number (EIN), and principal place of business. 3. Trust Transferor Affidavit: This type of affidavit is used when the transferor is a trust or other similar entity. It verifies that the trust or entity is not a foreign person. It typically requires information regarding the trust, such as its name, EIN, and the name of the trustee. By submitting a Cook Illinois Non-Foreign Affidavit Under IRC 1445, transferors can comply with the IRS regulations and avoid any potential withholding tax obligations related to real estate property transfers in Cook County, Illinois. It is essential to accurately complete the affidavit to ensure a smooth and legally compliant transfer process.

Cook Illinois Non-Foreign Affidavit Under IRC 1445 is a legal document that relates to the transfer of real estate property in Cook County, Illinois, involving non-foreign individuals or entities. It provides a way to certify that the transferor is not a foreign person as defined by the Internal Revenue Code (IRC) section 1445. The affidavit is an important requirement during the process of selling or transferring property, as it ensures compliance with federal tax laws and regulations. By completing the Cook Illinois Non-Foreign Affidavit, the transferor confirms their non-foreign status, which exempts them from the withholding tax normally applicable to foreign sellers. The affidavit must contain specific information, including the name, address, and taxpayer identification number (TIN) of the transferor(s). It should clearly state that the transferor is not a foreign person or entity. Additionally, it should include details about the property being transferred, such as the address, legal description, and purchase price. Cook Illinois Non-Foreign Affidavit Under IRC 1445 comes in different versions, tailored to specific situations: 1. Individual Transferor Affidavit: This affidavit is used when the transferor is an individual and not a foreign person. It requires the individual's personal information, such as their full name, social security number, and current address. 2. Corporate Transferor Affidavit: This affidavit is applicable when the transferor is a corporation, and it affirms that the corporation is not considered a foreign person. It includes details about the corporation's name, employer identification number (EIN), and principal place of business. 3. Trust Transferor Affidavit: This type of affidavit is used when the transferor is a trust or other similar entity. It verifies that the trust or entity is not a foreign person. It typically requires information regarding the trust, such as its name, EIN, and the name of the trustee. By submitting a Cook Illinois Non-Foreign Affidavit Under IRC 1445, transferors can comply with the IRS regulations and avoid any potential withholding tax obligations related to real estate property transfers in Cook County, Illinois. It is essential to accurately complete the affidavit to ensure a smooth and legally compliant transfer process.

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