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FIRPTA Withholding Rate on or after February 17, 2016

FIRPTA Withholding Rate on or after February 17, 2016:
   
           * If the amount realized (generally the sales price) is $300,000 or less, AND the property will be used by the buyer as a residence, no sums need be withheld or remitted.

             * If the amount realized exceeds $300,000 but does not exceed $1,000,000, AND the property will be used by the buyer as a residence, then the withholding rate is 10% on the full amount realized.

            * If the amount realized exceeds $1,000,000, then the withholding rate is 15% on the entire amount, regardless of use by the buyer.

    Click Here to download NAR's FIRPTA brochure.
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