Buyer is paying $900k and taking over a $100k mortgage — what's the FIRPTA withholding?
Selling my US property as a non-resident. The buyer is paying me $900,000 in cash and also taking the property subject to my existing $100,000 mortgage. The buyer's lawyer says FIRPTA is 15% but I'm not sure 15% of what. Is it 15% of the $900,000 cash I actually receive, or does the mortgage change the number? I want to know the real dollar figure that gets held back at closing.
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