This summer the IRS issued new Regulations governing nonresident investors in U.S. real estate in Treasury Decision 9082. (PDF). Next Monday (November 3, 2003) is the effective date for requiring taxpayer identification numbers on real estate transactions.
The major impact of these regulations is to require nonresidents to use U.S. taxpayer identification numbers in almost all situations involving real estate transactions. I’ll comment specifically on different aspects of the new Regulations over the next week or so. It will be tough as I have a couple of speeches to give next week and a seminar to attend.