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8288 TIN Importance - FIRPTA sale

In a US property sale subject to FIRPTA, it’s obvious that the seller’s (aka transferor) TIN is important – after all it’s the seller’s tax burden and the seller who will seek any applicable refund of the withholding. Thus, Forms 8288 and 8288-A report seller TIN and an ITIN application for seller can accompany those filings when seller doesn’t possess TIN at sale time (and it’s impossible to obtain within the 20 days of closing that 8288 is due (ITIN processing requires 6-8 weeks). IRS does provide a work-around for seller to claim withholding tax credit when 8288 forms were filed without seller ITIN. Now, if the buyer is a ‘US person’ such buyer will have a TIN and that will be reported on

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