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FIRPTA for Turkish Sellers: Selling Your US Property
FIRPTA for Turkish sellers: 15% on gross sale price. On $600K NYC investment: $90K withheld — 8288-B certificate recovers most. Turkish capital gains tax + US-Turkey DTA coordinates. TRY gain calculation affected by rate. Own Luxury Homes® 12-Point Agent Integrity Audit™.
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FIRPTA for Turkish Sellers: Selling Your US Property
15%
FIRPTA withholding for Turkish sellers — standard rate on gross sale price
$90,000
FIRPTA withheld on a $600K US property sale — 8288-B certificate filed at listing is essential
8288-B
File at listing — IRS takes 90+ days and the certificate saves significant cash flow at closing
TRY Gain
Turkish capital gains calculation uses TRY values at purchase and sale dates — TRY depreciation amplifies the TRY gain
Tax rules in both the US and your home country change. Consult a US tax attorney and a cross-border specialist.
FIRPTA applies to Turkish sellers the same as any foreign person. At the New York and New Jersey price tiers where Turkish buyers concentrate, the Form 8288-B certificate is the key tool. One unique consideration for Turkish sellers: the TRY/USD depreciation since purchase may mean the TRY gain is dramatically larger than the USD gain — because the USD proceeds convert to vastly more TRY than the original TRY purchase cost did. The Turkish tax calculation on this TRY gain requires a Turkish tax specialist with cross-border experience.
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FIRPTA Withholding and Certificate
Standard FIRPTA: 15% of gross sale price. Form 8288-B certificate filed at listing reduces withholding to actual tax owed. At the $500K–$1M NYC and NJ price tier: on a $600,000 sale with $150,000 gain, FIRPTA withholds $90,000. Actual US capital gains tax at 15%: $22,500. 8288-B saves $67,500 at closing. Full guide: FIRPTA complete guide.
The TRY Gain Amplification Effect
Turkish sellers face a unique tax calculation: suppose a Turkish buyer purchased a NYC condo for $500,000 in 2017, when the TRY rate was approximately 3.5 TRY/USD. Cost in TRY: 1,750,000 TRY. Now selling for $700,000 in currently at 41 TRY/USD. USD gain: $200,000. TRY proceeds: 28,700,000 TRY. Turkish tax cost basis: 1,750,000 TRY. TRY gain for Turkish tax purposes: 26,950,000 TRY. Even after TRY inflation adjustments and the US-Turkey DTA credit, the Turkish tax calculation is complex. Work with a Turkish vergi danishmani (tax adviser) with international real estate experience.
Turkish Capital Gains and the DTA
US-Turkey income tax treaty: US capital gains tax paid is credited against Turkish tax on the same gain. Turkish capital gains exemption: Turkey has a 5-year holding period after which capital gains on Turkish real estate may be exempt from Turkish income tax. This exemption does NOT apply to US-sited property — US property gains are taxable in Turkey regardless of holding period. Verify current Turkish capital gains tax treatment with a Turkish tax specialist.
Ryan Brown, Principal Broker & CEO Own Luxury Homes®
"The Turkish seller of a Manhattan investment property has watched the TRY depreciate further every year they’ve held it. The USD gain is meaningful. The TRY gain calculation is staggering. The specialist who explains the 8288-B at listing and connects them with a Turkish tax adviser for the TRY amplification conversation is doing the job fully."
Related Resources
Guides: Sending Money from Turkey — FIRPTA Guide — Find an Agent
Frequently Asked Questions
What is FIRPTA for Turkish sellers?
15% withheld from gross sale price at closing. Form 8288-B certificate filed at listing reduces this to actual capital gains tax owed.
Why is the Turkish capital gains calculation on US property complex?
TRY/USD depreciation since purchase means the USD gain converts to dramatically more TRY than the original TRY purchase price. The TRY gain may be enormous even if the USD gain is modest. A Turkish tax specialist with cross-border experience is essential.
Does Turkey also tax the gain when a Turkish citizen sells US property?
Yes, if the seller is a Turkish tax resident. US-Turkey DTA: US tax paid is credited against Turkish tax. Work with a Turkish vergi danışmanı for the specific calculation.
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— Ryan Brown, Principal Broker & CEO, Own Luxury Homes® (FL License BK3626873)