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FIRPTA
FIRPTA , which stands for Foreign Investment in Real Property Tax Act, is a US Federal Government guideline which applies to US property being sold by a Non-Resident. FIRPTA was enacted in an effort to curtail lost capital gain tax revenue from the sale of real property by foreign individuals, and entities. Unfortunately, in operation it can delay property sales as well as withhold tax that is not owed. Simply knowing about FIRPTA in anticipation of any sale can help alleviate what can otherwise be a massive problem.
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