Nassau New York Non-Foreign Affidavit Under IRC 1445

• Category: New York Real Estate - Closings
• State: New York
• County: Nassau
• Control #: NY-CLOSE7
• Format: Word; Rich Text

Description

This Non-Foreign Affidavit 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. A Nassau New York Non-Foreign Affidavit Under IRC 1445 is a legal document that is used in real estate transactions to establish the non-foreign status of the seller or transferor for the purposes of reporting and withholding taxes under the Internal Revenue Code (IRC) Section 1445. This affidavit is specifically required in Nassau County, New York, and its surrounding areas. The purpose of the Nassau New York Non-Foreign Affidavit Under IRC 1445 is to confirm that the seller or transferor is not a foreign individual or entity, as defined by the IRC. It becomes essential when the real estate property being transferred is subject to the Foreign Investment in Real Property Tax Act (FIR PTA). FIR PTA imposes withholding requirements on the buyer or transferee to ensure that taxes on the sale of real property are paid. By completing and submitting this affidavit, the seller or transferor certifies, under penalty of perjury, their non-foreign status and provides the necessary information required by the Internal Revenue Service (IRS) to comply with IRS regulations and guidelines. Below are some relevant keywords associated with the Nassau New York Non-Foreign Affidavit Under IRC 1445: 1. Nassau County, New York: The specific geographical area where this affidavit is required, referring to the county in the state of New York. 2. Non-Foreign: Referring to individuals or entities who are not considered foreign under the regulations of the IRC. 3. Affidavit: A written statement made under oath or affirmation, declaring the truthfulness of the information provided. 4. IRC 1445: The relevant section of the Internal Revenue Code that sets forth requirements for reporting and withholding taxes on the disposition of U.S. real property interests. 5. Real Estate Transactions: Refers to the buying, selling, or transferring of real property, such as land, buildings, or houses. 6. FIR PTA: Foreign Investment in Real Property Tax Act, a federal law that imposes tax withholding requirements on buyers who acquire interests in U.S. real property from foreign persons. It's important to note that "Nassau New York Non-Foreign Affidavit Under IRC 1445" does not have different types. However, variations or additional requirements may exist depending on the specific regulations of Nassau County or other local jurisdictions. It is always advisable to consult with legal professionals or tax experts familiar with the local laws and regulations to ensure compliance with all applicable requirements.

A Nassau New York Non-Foreign Affidavit Under IRC 1445 is a legal document that is used in real estate transactions to establish the non-foreign status of the seller or transferor for the purposes of reporting and withholding taxes under the Internal Revenue Code (IRC) Section 1445. This affidavit is specifically required in Nassau County, New York, and its surrounding areas. The purpose of the Nassau New York Non-Foreign Affidavit Under IRC 1445 is to confirm that the seller or transferor is not a foreign individual or entity, as defined by the IRC. It becomes essential when the real estate property being transferred is subject to the Foreign Investment in Real Property Tax Act (FIR PTA). FIR PTA imposes withholding requirements on the buyer or transferee to ensure that taxes on the sale of real property are paid. By completing and submitting this affidavit, the seller or transferor certifies, under penalty of perjury, their non-foreign status and provides the necessary information required by the Internal Revenue Service (IRS) to comply with IRS regulations and guidelines. Below are some relevant keywords associated with the Nassau New York Non-Foreign Affidavit Under IRC 1445: 1. Nassau County, New York: The specific geographical area where this affidavit is required, referring to the county in the state of New York. 2. Non-Foreign: Referring to individuals or entities who are not considered foreign under the regulations of the IRC. 3. Affidavit: A written statement made under oath or affirmation, declaring the truthfulness of the information provided. 4. IRC 1445: The relevant section of the Internal Revenue Code that sets forth requirements for reporting and withholding taxes on the disposition of U.S. real property interests. 5. Real Estate Transactions: Refers to the buying, selling, or transferring of real property, such as land, buildings, or houses. 6. FIR PTA: Foreign Investment in Real Property Tax Act, a federal law that imposes tax withholding requirements on buyers who acquire interests in U.S. real property from foreign persons. It's important to note that "Nassau New York Non-Foreign Affidavit Under IRC 1445" does not have different types. However, variations or additional requirements may exist depending on the specific regulations of Nassau County or other local jurisdictions. It is always advisable to consult with legal professionals or tax experts familiar with the local laws and regulations to ensure compliance with all applicable requirements.

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