Monday, June 10, 2024
9:00 AM
to
10:00 AM
Back to Event
Real Property - Environmental Law Track
Presented by the Real Property Section
About the Program
Over the past couple years, we have seen a dramatic increase in the number sales involving a foreign person as defined under FIRPTA and we are regualrly receiving phone calls and emails from attorneys inquiring about how to handle a closing involving a foreign person. FIRPTA is the IRS acronym for the Foreign Investment in Real Property Tax Act, 26 USC Sect. 897. It is becoming more common for foreign persons to own property in the United States. While there are no prohibitions on non-U.S. citizens holding title to real property, when those owners sell, they are subject to the same capital gains taxes as U.S. citizens pay. Sellers and buyers, and their attorneys, need to know what to expect when dealing with a foreign seller and how to comply with the Act’s requirements on the parties in the real estate transaction.
You Will Learn
• Why it is important to worry about FIRPTA
• What types of real property transactions are subject to IRS tax withholding requirements
• What is required to comply with FIRPTA
Who Should Attend
Attorneys whose practice includes representing clients who buy and sell real estate.
Credit
CT: 1.0 CLE Credit (General)
NY: 1.0 CLE Credit (AOP)
The Connecticut Bar Association/CT Bar Institute is an accredited provider of New York State CLE. This program qualifies for newly admitted and experienced attorneys CLE credits.
Attorneys seeking NY CLE credit who have been admitted to the New York State Bar for two years or less must attend the live seminar for skills or ethics credit, a fully interactive videoconference, or simultaneous transmission with synchronous interactivity. Diversity, Inclusion and Elimination of Bias CLE credits are only available as non-transitional credits. For further information please see the NYCourts.gov page on CLE: http://ww2.nycourts.gov/attorneys/cle/index.shtml.