transfer of property US tax rules

The U.S. real estate market has been improving due to many Canadians selling their U.S. vacation properties. Because non-resident owners of U.S. property are subject to the Foreign Investment in Real Property Tax Act (FIRPTA) regulation, i.e. there is a 10% withholding requirement on the sale proceeds from the property. In December, 2015, the U.S. government updated...