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

[Phyllis Dubrow]

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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