Short Update and Explanation of FIRPTA Tax Withholding
FIRPTA (Foreign Investment in Real Property Tax Act) will change a little this year. The law was first introduced in 1980. It was a way to limit the number of foreign real property owners selling up and realizing a gain or transferring property at an increased market value, but not declaring or paying capital gains tax. The law was introduced so that a foreign person or other foreign entity, like a business, which sells or transfers real property, can be held accountable for