[Fredslist] To the attorneys among us: A question about FIRPTA

[Fernando Koatz]

Hello Phyllis I would try to get clearance from the IRS but it may time.
On Feb 22, 2013 5:03 AM, "Phyllis Dubrow" <pdubrow at pipeline.com> wrote:

> Are there any attorneys or CPAs in Gotham who know what, in light of
> FIRPTA, to do about a “foreign person” who’s named in the deed for a condo
> but paid none of the purchase price and will receive none of the proceeds
> when it’s sold?****
>
> ** **
>
> The four names on the deed and the mortgage are (i) Mother (a resident
> alien), (ii) Stepfather (a resident alien), (iii) Son (a U.S. citizen), and
> (iv) Son’s Wife (a citizen of France).****
>
> ** **
>
> Mother put up the cash for an apartment for Son and Son’s Wife and has
> been making all the mortgage payments and paying the common charges.
> Stepfather is on the deed because his financials were necessary for
> approval for the loan.  Son and his wife were on the deed because it was
> their home -- until they moved to Switzerland more than 5 years ago.  Since
> then, it’s been rented, and Mother has been receiving all the rent payments.
> ****
>
> ** **
>
> Now mother – and everyone else -- is selling the apartment.  Mother alone
> will keep all of the net proceeds.  ****
>
> ** **
>
> Can someone advise me how to convince the buyer’s attorney that it’s not
> necessary to withhold anything for Son’s Wife’s capital gains tax?  ****
>
> ** **
>
> Can I get certification from IRS – or is there something that doesn’t take
> quite so long?****
>
> ** **
>
> Thanks.****
>
> ** **
>
> *Phyllis E. Dubrow*
>
> *Attorney at Law*
>
> *60 East 42nd Street, Suite 4600 | New York  NY  10165*
>
> *T: (212) 661-2885 | F: (212) 409-8682 | E: pdubrow at pipeline.com*
>
> ** **
>
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