Fidelity National Title Insurance Company. SETTLEMENT. Odds and Ends. Federal Reporting/Withholding Requirements. Cash payments over $10,000 Real Estate Reporting Sales of U.S. Real Estate by Foreigners Agricultural Foreign Investment Disclosure Act .
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Odds and Ends
The information is collected by the settlement agent, and transferred to the appropriate media for reporting to the IRS:
● name, address and taxpayer ID of seller(s)
● general description of property (address)
● closing date of transaction
● Gross proceeds of the transaction
● any property involved other than cash
● name, address and ID of settlement agent
The U.S. Permanent Resident Card
When a non-U.S. person sells U.S. real estate, the IRS requires that 10% of the gross sales price be withheld at closing and remitted as an estimated tax payment on behalf of the foreign seller.
The Agricultural Foreign Investment Disclosure Act Report
Virginia Department of Taxation
Nonresident Property Owners
• Nonresident Real Property Owner Registration (Form R-5)
West Virginia Department of Tax and Revenue
Nonresident Real Property Owner
WVC Section 11-21-71b
When in doubt, call local counsel for approval!