FIRPTA regulations passed by the US Congress. 

FIRPTA regulationsUS Congress passed recently some changes that will affect foreign national sellers. Foreign Investment Real Property Tax Act – is a law from 1980. FIRPTA regulations provide that the Buyer must withhold a tax of 10% of the contract price if the Seller is a foreign national. This amount has to be sent to the IRS at  closing. 
Starting on February 16 of this month the new FIRPTA regulations will take effect, the withholding tax will increase from 10% to 15% for some properties. 
New guidelines will take effect:
For more information on how you can be affected by the new regulation or exceptions, contact us to be directed to an appropriate Real Estate Attorney or Accountant that can handle your particular case with current FIRPTA Regulations.