Fulton Georgia Seller's Affidavit of Nonforeign Status

• Category: Federal - IRS
• State: Multi-State
• County: Fulton
• Control #: US-0604BG
• Format: Word; Rich Text

Description

Section 1445 of the Internal Revenue Code provides that a transferee of U.S. real property interest must withhold tax if the transferor is a foreign person. To inform the transferee that withholding of tax is not required is upon the disposition of a U.S. real property, this affidavit may be executed. The Fulton Georgia Seller's Affidavit of Nonforeign Status is a crucial legal document used in real estate transactions. It serves as a declaration from the seller that they are not a foreign person, as defined by the Internal Revenue Service (IRS), and therefore exempt from certain tax withholding requirements. This affidavit is required in Fulton County, Georgia, and ensures compliance with the Foreign Investment in Real Property Tax Act (FIR PTA). FIR PTA mandates that a buyer either withholds a percentage of the total purchase price or obtains the seller's affidavit stating their nonforeign status. The Key Elements of the Fulton Georgia Seller's Affidavit of Nonforeign Status: 1. Identification: The affidavit includes the full name, address, and taxpayer identification number (TIN) of the seller. 2. Non-Foreign Status Assertion: The affidavit clearly states that the seller is not a foreign person, providing compliance with FIR PTA and confirming eligibility for exemption from tax withholding. 3. Definition of Foreign Person: It explains that a foreign person refers to non-resident aliens, foreign partnerships, foreign corporations, and foreign estates or trusts. 4. Signature and Date: The seller must sign and date the affidavit, certifying the truthfulness and accuracy of the information provided. Different Types of Fulton Georgia Seller's Affidavit of Nonforeign Status: 1. Individual Seller's Affidavit: This type is used when the seller of the property is an individual or a married couple filing jointly. 2. Corporate Seller's Affidavit: It applies when the seller is a corporate entity, such as an incorporated business or company. 3. Partnership Seller's Affidavit: This version is utilized when the seller is a partnership, either domestic or foreign. 4. Estate or Trust Seller's Affidavit: It is employed when the property is being sold by an estate or trust, whether domestic or foreign. By providing a Fulton Georgia Seller's Affidavit of Nonforeign Status, sellers assure buyers and authorities that they comply with FIR PTA regulations. This document streamlines real estate transactions, protecting both parties involved while facilitating the seamless transfer of property ownership.

The Fulton Georgia Seller's Affidavit of Nonforeign Status is a crucial legal document used in real estate transactions. It serves as a declaration from the seller that they are not a foreign person, as defined by the Internal Revenue Service (IRS), and therefore exempt from certain tax withholding requirements. This affidavit is required in Fulton County, Georgia, and ensures compliance with the Foreign Investment in Real Property Tax Act (FIR PTA). FIR PTA mandates that a buyer either withholds a percentage of the total purchase price or obtains the seller's affidavit stating their nonforeign status. The Key Elements of the Fulton Georgia Seller's Affidavit of Nonforeign Status: 1. Identification: The affidavit includes the full name, address, and taxpayer identification number (TIN) of the seller. 2. Non-Foreign Status Assertion: The affidavit clearly states that the seller is not a foreign person, providing compliance with FIR PTA and confirming eligibility for exemption from tax withholding. 3. Definition of Foreign Person: It explains that a foreign person refers to non-resident aliens, foreign partnerships, foreign corporations, and foreign estates or trusts. 4. Signature and Date: The seller must sign and date the affidavit, certifying the truthfulness and accuracy of the information provided. Different Types of Fulton Georgia Seller's Affidavit of Nonforeign Status: 1. Individual Seller's Affidavit: This type is used when the seller of the property is an individual or a married couple filing jointly. 2. Corporate Seller's Affidavit: It applies when the seller is a corporate entity, such as an incorporated business or company. 3. Partnership Seller's Affidavit: This version is utilized when the seller is a partnership, either domestic or foreign. 4. Estate or Trust Seller's Affidavit: It is employed when the property is being sold by an estate or trust, whether domestic or foreign. By providing a Fulton Georgia Seller's Affidavit of Nonforeign Status, sellers assure buyers and authorities that they comply with FIR PTA regulations. This document streamlines real estate transactions, protecting both parties involved while facilitating the seamless transfer of property ownership.