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brlcc
Nov 12, 2010, 04:06 AM
Hi M/S,
Really need some kind help here, at a loss here. Recently I sold my shares to a company whom is doing aqcuisition, when I was going to receive my proceeds. I was told by the agent that IRS withhold my money as they do not have records of me filing W-8 BEN at the point of time when I bought the restricted stocks from a broker. Is this true as I am worried that this might be a scam? Or can I resubmitted the form again to prove that? By the way, I am a non US citizen. Thank you very much.

AtlantaTaxExpert
Nov 12, 2010, 11:37 AM
The Form W-8BEN is NOT submitted to the IRS; it is sent to the broker or company who retains it on file to show the IRS why they are withholding at less than the legally mandated 30% withholding rate.

If the money has already been withheld, then re-submitting the form is a waste of time to recover that money. You would need to file a tax return (Form 1040NR with Form 8833) to recover the withheld money.

I can help with this process professionally. Email me at [email protected].

MukatA
Nov 12, 2010, 08:45 PM
Even if you are not a U.S. citizen but you live in U.S. or are resident of U.S. your income from sale of shares is taxable.
For nonresidents this income is not taxable.