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Updated 8 months ago on . Most recent reply

Rafael Pinho's profile image
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Rafael Pinho
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  • from Reykjavík Iceland/Barcelona, Spain
  • Member since Jul 26, 2023
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Rafael Pinho's profile image
Rafael Pinho's profile image
Rafael Pinho
  • Developer
  • from Reykjavík Iceland/Barcelona, Spain
  • Member since Jul 26, 2023
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Rafael Pinho
  • Developer
  • Reykjavík Iceland/Barcelona, Spain
16
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35
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Tax, SDIRAs & Cost Segregation

FIRPTA doesn't apply to a domestic LLC that has multiple members. True or False?

Rafael Pinho
  • Developer
  • Reykjavík Iceland/Barcelona, Spain
Posted

Hi all, 

EU based investor here looking to do flips and buying rental properties.

If we form an LLC with a mix of resident and non-resident members, will FIRPTA apply?

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Mitchell Day's profile image
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Mitchell Day
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Mitchell Day
Replied

Yes, 

1446 withholding is the primary issue.  A domestic partnership that sells real estate generally is not subject to FRPTA.

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