What is Form 8288 and who is responsible for filing it — the buyer or the seller?
I just sold my rental property in Nevada through my foreign-owned LLC. The title company handled closing but they mentioned something about Form 8288 and withheld $75,000 from my proceeds. Now I'm confused — who actually files this form? Is it my responsibility or the buyer's? And what happens to the money they withheld? I need to understand the process so I can get my refund.
Also, is there a deadline for filing Form 8288? The closing was two weeks ago and nobody has told me anything.
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