Match FIRPTA withholding to each seller and any withholding certificate
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- For each seller, record the name on the contract, whether the file contains a non-foreign certification or an IRS withholding certificate, and the amount realized the lawyer supplies. Do not calculate a reduced rate.
- What the lawyer must review
- Section 1445(a) withholds on a disposition by a foreign person unless subsection (b) applies. Subsection (b)(5) covers a residence acquired for use as a residence where the amount realized does not exceed $300,000. Subsection (b)(4) covers a qualifying statement from the Secretary. The IRS page says the transferee must find out whether the transferor is a foreign person and may be liable if it fails to withhold. You match each certificate to the seller who is disposing of the interest and you decide the rate, including the 10 percent residence reduction in § 1445 where the amount realized does not exceed $1,000,000.
- Written for / version
- United States versionUSNZ
Who does what
| Role | What they do |
|---|---|
| Assistance | Potential support includes assembling provisional schedules. Confirm the tool’s capability and permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.