Foreign Realty Sellers' Credit To Get Closer Look, TIGTA Says

By Yvonne Juris (March 12, 2020, 6:55 PM EDT) -- The IRS will bolster its verification of withholding credits given to foreign sellers of U.S. property after the Treasury Inspector General for Tax Administration identified possibly $60 million in mistakenly awarded credits, according to a Thursday report.

The credits may have been doled out in error due to a lack of safeguards put in place by the Internal Revenue Service in determining whether foreign sellers were eligible for a credit for overpayment of taxes on the sale of property based in the U.S., said the report, dated March 9. The IRS agreed to beef up its verification of such claims, as...

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