Q: Real estate closing cost Error ? Who's responsibility
Me and my wife sold our apartment, they was a foreign withholding tax that was pay to the IRS now 6 month later got a letter from the buyer lawyer stating an error was made and the IRS is missing 15000.00 dollar plus 1000.00 for interests and late fee (the IRS letter is addressed to the buyer!) .
Three Attorney firms (bank, buyer ,seller) went over the closing statement . Now I do not have this amount in cash!
A: This could be a fraud, so double check. You are responsible for any tax. Withholding is a prepayment, not a tax, which you calculate when you file. If $1000 is the issue, you are probably going to have to pay it.
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