Fort Worth Texas Non-Foreign Affidavit Under IRC 1445

• Category: Texas Real Estate - Closings
• State: Texas
• City: Fort Worth
• Control #: TX-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 Fort Worth Texas Non-Foreign Affidavit Under IRC 1445 is a legal document typically used in real estate transactions involving the sale or transfer of a property by a non-U.S. citizen (foreign individual or entity). This affidavit is required by the Internal Revenue Code (IRC) section 1445, which deals with withholding tax on dispositions of the United States real property interests (US RPI) by non-resident aliens. The purpose of this affidavit is to confirm the non-foreign status of the seller or transferor, thereby exempting them from the withholding requirement. When a non-U.S. citizen sells or transfers a US RPI, the buyer is generally required to withhold a percentage of the sale proceeds and remit it to the Internal Revenue Service (IRS) as a prepayment of potential taxes owed by the seller. However, if the seller provides a valid Fort Worth Texas Non-Foreign Affidavit Under IRC 1445, the buyer is relieved from this withholding obligation. The affidavit typically requires the seller or transferor to declare their non-foreign status by providing their name, contact information, and U.S. taxpayer identification number (e.g., Social Security Number or Individual Taxpayer Identification Number). They must also state that they are not a foreign person, define their relationship with the property (e.g., owner, granter, transferor), and certify that the property is not being used as a trade or business within the U.S. Further, the affidavit may require additional information, such as the property address, purchase price, and date of acquisition. It is important to note that there may be multiple types of Fort Worth Texas Non-Foreign Affidavits Under IRC 1445, each tailored to specific circumstances. For instance, there could be variations based on the type of property (residential or commercial), the nature of the transaction (sale, transfer, lease), or the specific requirements of the local jurisdiction (Fort Worth, Texas). Therefore, it is essential to consult the appropriate legal professional or the local real estate authority to obtain the correct form for a specific transaction. In summary, a Fort Worth Texas Non-Foreign Affidavit Under IRC 1445 is a legal document used to confirm the non-foreign status of a seller or transferor in a real estate transaction involving US RPI. By providing this affidavit, the seller can avoid the withholding tax requirement, allowing for a smoother transfer process.

A Fort Worth Texas Non-Foreign Affidavit Under IRC 1445 is a legal document typically used in real estate transactions involving the sale or transfer of a property by a non-U.S. citizen (foreign individual or entity). This affidavit is required by the Internal Revenue Code (IRC) section 1445, which deals with withholding tax on dispositions of the United States real property interests (US RPI) by non-resident aliens. The purpose of this affidavit is to confirm the non-foreign status of the seller or transferor, thereby exempting them from the withholding requirement. When a non-U.S. citizen sells or transfers a US RPI, the buyer is generally required to withhold a percentage of the sale proceeds and remit it to the Internal Revenue Service (IRS) as a prepayment of potential taxes owed by the seller. However, if the seller provides a valid Fort Worth Texas Non-Foreign Affidavit Under IRC 1445, the buyer is relieved from this withholding obligation. The affidavit typically requires the seller or transferor to declare their non-foreign status by providing their name, contact information, and U.S. taxpayer identification number (e.g., Social Security Number or Individual Taxpayer Identification Number). They must also state that they are not a foreign person, define their relationship with the property (e.g., owner, granter, transferor), and certify that the property is not being used as a trade or business within the U.S. Further, the affidavit may require additional information, such as the property address, purchase price, and date of acquisition. It is important to note that there may be multiple types of Fort Worth Texas Non-Foreign Affidavits Under IRC 1445, each tailored to specific circumstances. For instance, there could be variations based on the type of property (residential or commercial), the nature of the transaction (sale, transfer, lease), or the specific requirements of the local jurisdiction (Fort Worth, Texas). Therefore, it is essential to consult the appropriate legal professional or the local real estate authority to obtain the correct form for a specific transaction. In summary, a Fort Worth Texas Non-Foreign Affidavit Under IRC 1445 is a legal document used to confirm the non-foreign status of a seller or transferor in a real estate transaction involving US RPI. By providing this affidavit, the seller can avoid the withholding tax requirement, allowing for a smoother transfer process.

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