How do I get my FIRPTA withholding refund? $90K was withheld but my actual tax is only about $20K.
I sold a condo in New York for $600K earlier this year through my foreign-owned LLC. The buyer withheld $90,000 (15%). My CPA calculated my actual capital gains tax at about $20,000. So I'm owed roughly $70,000 back from the IRS.
How do I actually get this refund? What forms do I file? How long does it take? I've heard horror stories about FIRPTA refunds taking over a year. Is there anything I can do to speed it up? This is a LOT of money to have tied up.
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