Hot New York Real Estate Topics

[vc_row triangle_shape="no"][vc_column][vc_column_text]To supplement our previous “complete guide to purchasing an apartment in New York City”: {link here}, we want to bring several other issues to the attention of the foreign buyer: The 15% FIRPTA withholding tax for foreign buyers who are selling a property The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) requires a seller who is a foreign person (person can include a foreign corporation or partnership) to temporarily withhold 15% of the total purchase price with the IRS.  This tax is withheld in case the seller owes the IRS taxes.  Technically, the buyer’s attorney must be diligent...