How does the Form 8288-B withholding-certificate path work for a deferred 1031 exchange?
I'm doing a deferred like-kind exchange and I've been told to file Form 8288-B to reduce the FIRPTA withholding. How does that actually work? When do I file it relative to closing, how long does the IRS take, and does filing it mean the buyer doesn't have to withhold anything? I want to avoid a big chunk of cash being locked up with the IRS.
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