FIRPTA
Escrow Company Required to Transfer to IRS 15% of Sales Proceeds of Real Property Sold by a Non-U.S. Citizen
Question: We are Mexican citizens who sold a 20-acre parcel of land in Buckeye for $3,000,000. At close of escrow, the escrow company transferred 15% of the sales proceeds, i.e., $450,000, to the Internal Revenue Service (“IRS”). The escrow company said that the reason for this transfer to the IRS is that we may have…
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