Reply To: Sold property in Panama

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#8206
Kaye Thomas
Moderator

Note that in connection with international taxes, the word “withheld” may have a different meaning than we’re used to. U.S. taxes withheld on wages are a partial prepayment (or overpayment) of an amount to be determined later. In international taxation, a tax described as withholding may be the actual amount owed, with no opportunity (or obligation) for future reckoning.