Oakland Michigan Non-Foreign Affidavit Under IRC 1445

• Category: Michigan Real Estate - Closings
• State: Michigan
• County: Oakland
• Control #: MI-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. Oakland Michigan Non-Foreign Affidavit Under IRC 1445 is a legal document that pertains to the withholding of tax on dispositions of U.S. real property interests by foreign persons. This affidavit is required by the Internal Revenue Code (IRC) section 1445 which specifically addresses the tax obligations for non-foreign individuals or entities in relation to the sale, exchange, or transfer of real property located in the United States. In Oakland County, Michigan, individuals or entities involved in such real estate transactions must complete and submit the Oakland Michigan Non-Foreign Affidavit Under IRC 1445 to ensure compliance with federal tax laws. By submitting this affidavit, the seller confirms that they are not a foreign person as defined by the IRC, and, therefore, exempt from the withholding requirements. The content of the Oakland Michigan Non-Foreign Affidavit Under IRC 1445 includes the following key elements: 1. Identification: The affidavit starts with the identification of the individual or entity providing the statement, including their name, address, and taxpayer identification number (TIN). 2. Certification of Non-Foreign Status: The affine attests that they are not a foreign person under IRC section 1445 and not subject to withholding tax on the sale, exchange, or transfer of the real property in Oakland County, Michigan. 3. Basis for Certification: The seller must indicate the grounds upon which they are claiming non-foreign status, such as being a United States citizen, a resident alien, or being an entity incorporated or organized under U.S. laws. 4. Property Description: The affidavit requires a detailed description of the real property involved in the transaction, including the address and legal description. 5. Seller Representation: The affine represents that they have provided accurate and complete information, and acknowledges that any false statements may lead to penalties under the law. It is important to note that while the general content of the Oakland Michigan Non-Foreign Affidavit Under IRC 1445 remains consistent, there may not be different types of this affidavit specific to Oakland County. However, the use of similar affidavits may vary based on the state or county jurisdiction, as each may have its own specific requirements and forms related to non-foreign status and tax withholding in real estate transactions.

Oakland Michigan Non-Foreign Affidavit Under IRC 1445 is a legal document that pertains to the withholding of tax on dispositions of U.S. real property interests by foreign persons. This affidavit is required by the Internal Revenue Code (IRC) section 1445 which specifically addresses the tax obligations for non-foreign individuals or entities in relation to the sale, exchange, or transfer of real property located in the United States. In Oakland County, Michigan, individuals or entities involved in such real estate transactions must complete and submit the Oakland Michigan Non-Foreign Affidavit Under IRC 1445 to ensure compliance with federal tax laws. By submitting this affidavit, the seller confirms that they are not a foreign person as defined by the IRC, and, therefore, exempt from the withholding requirements. The content of the Oakland Michigan Non-Foreign Affidavit Under IRC 1445 includes the following key elements: 1. Identification: The affidavit starts with the identification of the individual or entity providing the statement, including their name, address, and taxpayer identification number (TIN). 2. Certification of Non-Foreign Status: The affine attests that they are not a foreign person under IRC section 1445 and not subject to withholding tax on the sale, exchange, or transfer of the real property in Oakland County, Michigan. 3. Basis for Certification: The seller must indicate the grounds upon which they are claiming non-foreign status, such as being a United States citizen, a resident alien, or being an entity incorporated or organized under U.S. laws. 4. Property Description: The affidavit requires a detailed description of the real property involved in the transaction, including the address and legal description. 5. Seller Representation: The affine represents that they have provided accurate and complete information, and acknowledges that any false statements may lead to penalties under the law. It is important to note that while the general content of the Oakland Michigan Non-Foreign Affidavit Under IRC 1445 remains consistent, there may not be different types of this affidavit specific to Oakland County. However, the use of similar affidavits may vary based on the state or county jurisdiction, as each may have its own specific requirements and forms related to non-foreign status and tax withholding in real estate transactions.

Law summary