Tax Identification Number for Purchasing Property in America
As a global property specialist helping foreigners buy property in the United States of America I often have to alert property purchasers of some important details.
To purchase property in the United States of America, applying for a Taxpayer Identification Number is a necessary step. I urge you to do so well in advance before your closing date.
In order to transact real estate business in the United States, a Taxpayer Identification Number (TIN) is required. A foreign corporation may obtain an Employer Identification Number (EIN).
For U.S. citizens and residents, the Social Security Number (SSN) serves as a taxpayer identifier. Those who are not eligible to receive an SSN can apply for a TIN by completing IRS Form W-7 Application for IRS Individual Taxpayer Identification Number.
That form is available here: http://www.irs.gov/pub/irs-pdf/fw7.pdf
Processing time for a TIN takes several weeks—allow 8–10 weeks. Because a real estate deal cannot close without this identification number, foreign buyers and sellers should apply for a TIN well in advance of a planned transaction. Information and application forms are available at www.irs.gov.
When making an application for a TIN, the information on the form must be confirmed by a valid foreign passport. If a valid passport is not submitted, the applicant must submit at least two (or more) current photo ID documents as verification.
http://www.PaulFDavis.com - global property specialist helping buyers and sellers worldwide
info @ PaulFDavis.com
407-967-7553
To purchase property in the United States of America, applying for a Taxpayer Identification Number is a necessary step. I urge you to do so well in advance before your closing date.
In order to transact real estate business in the United States, a Taxpayer Identification Number (TIN) is required. A foreign corporation may obtain an Employer Identification Number (EIN).
For U.S. citizens and residents, the Social Security Number (SSN) serves as a taxpayer identifier. Those who are not eligible to receive an SSN can apply for a TIN by completing IRS Form W-7 Application for IRS Individual Taxpayer Identification Number.
That form is available here: http://www.irs.gov/pub/irs-pdf/fw7.pdf
Processing time for a TIN takes several weeks—allow 8–10 weeks. Because a real estate deal cannot close without this identification number, foreign buyers and sellers should apply for a TIN well in advance of a planned transaction. Information and application forms are available at www.irs.gov.
When making an application for a TIN, the information on the form must be confirmed by a valid foreign passport. If a valid passport is not submitted, the applicant must submit at least two (or more) current photo ID documents as verification.
http://www.PaulFDavis.com - global property specialist helping buyers and sellers worldwide
info @ PaulFDavis.com
407-967-7553
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