Has anyone run into FIRPTA tax issues when selling timeshare?

[jaysue]

I was looking into selling our VB points and was quite shocked to hear that there is a 10% US withholding tax (FIRPTA) that will be withheld from my sale proceeds as a non-US citizen

It is especially annoying as I have not made any money on our VB contracts when I go to sell them and in fact will realise a small loss in US Dollars and a larger loss in Canadian Dollars since the C$ has gottnen stronger since we purchased at VB

Has anyone run into this and if so any ideas on getting an exemption of some type?

cheers
jaysue

 

[DisneyTarheel]

http://www.irs.gov/pub/irs-pdf/f8288b.pdf

I suspect the escrow/title company would be able to help you with the details.

 

[jaysue]

Thanks for posting the link

I will have to do some more research on this

cheers
jaysue

 

[Canadian Tom]

Hello: Can anyone steer me in the right direction for information about the 10% withholding tax when I(canadian) sell my DVC? Thanks

 

[Doctor P]

Check out this link for lots of official information:

http://www.irs.gov/businesses/small/international/article/0,,id=105000,00.html