San Antonio Texas Seller's Affidavit of Nonforeign Status

• Category: Federal - IRS
• State: Multi-State
• City: San Antonio
• 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 San Antonio Texas Seller's Affidavit of Nonforeign Status is a legal document utilized during real estate transactions in San Antonio, Texas. This affidavit serves the purpose of verifying the seller's non-foreign status, ensuring compliance with the Foreign Investment in Real Property Tax Act (FIR PTA). By submitting this affidavit, sellers declare their legal status as a U.S. citizen, resident alien, or domestic trust. This affidavit acts as a safeguard for the buyer and the Internal Revenue Service (IRS) to prevent potential tax evasion by foreign sellers. According to FIR PTA, if a foreign individual or entity sells a U.S. real property interest, the buyer is required to withhold a specific percentage of the total sales price as income tax. By providing the San Antonio Texas Seller's Affidavit of Nonforeign Status, sellers prove that they are not subject to this withholding. It is important to note that various types of San Antonio Texas Seller's Affidavit of Nonforeign Status may exist, each catering to specific scenarios or parties involved. These may include: 1. San Antonio Texas Seller's Affidavit of Nonforeign Status — Individual: This form is used when an individual seller, who is either a U.S. citizen or a resident alien, wishes to sell a property located in San Antonio, Texas. The individual must provide their personal information, including name, address, social security number, and other required details. 2. San Antonio Texas Seller's Affidavit of Nonforeign Status — Domestic Trust: In cases where a domestic trust, which is treated as a U.S. person for tax purposes, is selling a property in San Antonio, Texas, this form is applicable. The trustee of the trust usually completes and signs this affidavit, providing necessary trust details, EIN (Employer Identification Number), and other relevant information. 3. San Antonio Texas Seller's Affidavit of Nonforeign Status — Joint Filers: For married couples or domestic partners who file joint tax returns and wish to sell their San Antonio, Texas property, a Joint Filers affidavit may be used. This form collects information from both partners, including names, addresses, social security numbers, and other essential data to establish their non-foreign status collectively. These different types of San Antonio Texas Seller's Affidavit of Nonforeign Status serve a common purpose of confirming the seller's non-foreign status and assisting in FIR PTA compliance during real estate transactions in San Antonio, Texas. It is crucial for both buyers and sellers to complete these affidavits accurately to ensure a smooth and legally compliant property transfer process.

The San Antonio Texas Seller's Affidavit of Nonforeign Status is a legal document utilized during real estate transactions in San Antonio, Texas. This affidavit serves the purpose of verifying the seller's non-foreign status, ensuring compliance with the Foreign Investment in Real Property Tax Act (FIR PTA). By submitting this affidavit, sellers declare their legal status as a U.S. citizen, resident alien, or domestic trust. This affidavit acts as a safeguard for the buyer and the Internal Revenue Service (IRS) to prevent potential tax evasion by foreign sellers. According to FIR PTA, if a foreign individual or entity sells a U.S. real property interest, the buyer is required to withhold a specific percentage of the total sales price as income tax. By providing the San Antonio Texas Seller's Affidavit of Nonforeign Status, sellers prove that they are not subject to this withholding. It is important to note that various types of San Antonio Texas Seller's Affidavit of Nonforeign Status may exist, each catering to specific scenarios or parties involved. These may include: 1. San Antonio Texas Seller's Affidavit of Nonforeign Status — Individual: This form is used when an individual seller, who is either a U.S. citizen or a resident alien, wishes to sell a property located in San Antonio, Texas. The individual must provide their personal information, including name, address, social security number, and other required details. 2. San Antonio Texas Seller's Affidavit of Nonforeign Status — Domestic Trust: In cases where a domestic trust, which is treated as a U.S. person for tax purposes, is selling a property in San Antonio, Texas, this form is applicable. The trustee of the trust usually completes and signs this affidavit, providing necessary trust details, EIN (Employer Identification Number), and other relevant information. 3. San Antonio Texas Seller's Affidavit of Nonforeign Status — Joint Filers: For married couples or domestic partners who file joint tax returns and wish to sell their San Antonio, Texas property, a Joint Filers affidavit may be used. This form collects information from both partners, including names, addresses, social security numbers, and other essential data to establish their non-foreign status collectively. These different types of San Antonio Texas Seller's Affidavit of Nonforeign Status serve a common purpose of confirming the seller's non-foreign status and assisting in FIR PTA compliance during real estate transactions in San Antonio, Texas. It is crucial for both buyers and sellers to complete these affidavits accurately to ensure a smooth and legally compliant property transfer process.