Max W Posted August 7, 2021 Report Share Posted August 7, 2021 Has anyone dealt with this issue before? The property is a personal residence and the owner is a foreign person (Vietnamese). The way I read it 15% is withheld from the Selling price. There are some exceptions but requires a Certificate of Exemption which can take 3 or more months to be issued by the IRS. Can the $250,000 ($500,00) Sec 121 be applied as an exemption? Quote Link to comment Share on other sites More sharing options...
Lee B Posted August 7, 2021 Report Share Posted August 7, 2021 I have a client that got ensnared in this exact mess, because she bought a condo in 2019, which was owned by a foreign national. The IRS came after her because the 15% had not been withheld the proceeds. By the time it came to my attention too many days had passed for me to do anything, especially since it's an area that I have zero experience with. i sent her to find a real estate attorney with expertise in this area, who was able to resolve the issue. 1 Quote Link to comment Share on other sites More sharing options...
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