Foreign investment lawyer Natalia A. Sishodia (https://sishodia.com/should-i-withhold-firpta-at-closing-on-sale-of-ny-home-if-i-am-not-a-citizen/) of Sishodia PLLC has released an informative article discussing whether foreign nationals who are not U.S. citizens should withhold Foreign Investment in Real Property Tax Act (FIRPTA) at closing on the sale of their New York home. FIRPTA is a law that requires foreign sellers to pay a tax on the sale of their U.S. real estate. The article explains why foreign nationals should be aware of FIRPTA and provides insights on how they can navigate this complex tax law.
Sishodia, a well-respected attorney with extensive experience in international and domestic taxation, wrote the article to help foreign nationals who are considering selling their New York homes understand the implications of FIRPTA. In the article, the Foreign Investment Lawyer outlines the basics of FIRPTA and how it works, as well as the different scenarios in which FIRPTA may or may not apply.
According to the Foreign Investment Lawyer, foreign nationals should be aware that FIRPTA can significantly impact their net proceeds from the sale of their New York homes. She advises foreign nationals to consult with a qualified tax attorney or accountant to determine whether FIRPTA applies to their situation and, if so, how much tax they should withhold at closing.
In the article, Sishodia explains, “While FIRPTA may seem straightforward, it is a complex tax law with many nuances. It is important for foreign nationals to understand how FIRPTA works and how it could impact the sale of their New York homes. Consulting with a qualified tax attorney or accountant is essential to ensure compliance with FIRPTA and to minimize any potential tax liabilities.”
Sishodia’s article is a valuable resource for foreign nationals who are selling their New York homes and want to ensure compliance with FIRPTA. By understanding the complexities of FIRPTA and seeking the advice of a qualified professional, foreign nationals can avoid costly mistakes and ensure a smooth transaction.
Foreign investment lawyer Natalia A. Sishodia’s article provides critical insights on whether foreign nationals should withhold FIRPTA at closing on the sale of their New York home. Her experienced analysis and advice are valuable resources for foreign nationals who want to navigate the complexities of FIRPTA and ensure compliance with this important tax law.
Selling properties in the United States as a foreign investor can pose challenges. An article has been released to shed light on the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) with regards to the disposition of U.S. real property interest by foreign individuals. The article aims to provide an in-depth understanding of FIRPTA and assist readers in determining whether they should withhold FIRPTA.
About Sishodia PLLC:
Sishodia PLLC is a boutique law firm based in New York, NY, that provides legal services in the areas of international and domestic taxation, estate planning, business law, and immigration. The firm’s founder, Natalia A. Sishodia, has extensive experience advising clients on complex legal matters and is committed to providing personalized and effective legal solutions.
Sishodia PLLC | Real Estate Attorney and Estate Planning Lawyer | Asset Protection Law Firm | 1031 Exchange – NYC
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