FIRPTA 15% Tax and the New WI WB-11 Offer to Purchase

A 15% tax on the purchase of your next home may be owed if the seller is not exempt from the Foreign Investment in Real Property Tax Act. And even if not subject to the tax, the new Wisconsin WB-11 Residential Purchase Agreement includes a provision to allow all buyers to withhold the tax or terminate the Offer if the non-foreign person certification is not received at least 15 days prior to closing. The new Offer has an optional use date of Nov. 1, 2019. Older versions of this form do not include the terminate provision. Listen in, and then check with your lawyer.