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08-08-2008, 07:28 AM
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Member
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Join Date: Jul 2008
30 posts, read 22,346 times
Reputation: 12
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Which are the issues with home ownership by a non-US citizen?
I know that there are some of implications. How much are the tax of incoming rent? And If a day i want sell the house? I know there are particular rules
Forgive my english, i hope i could explain my worries
Many thanks
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08-08-2008, 09:38 AM
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Senior Member
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Join Date: May 2008
Location: NW Houston
452 posts, read 346,319 times
Reputation: 109
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Legal or illegal? I don't think there are any differences in citizen versus non-citizen as far as owning a home although there may be differences in filing income taxes. Tax implications vary so much you need a CPA.
An illegal obviously runs the risk of being arrested and deported with no opportunity to settle up on personal business. I think their property rights remain intact but would need an honest agent to handle everything.
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08-08-2008, 12:08 PM
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Member
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Join Date: Jul 2008
10 posts, read 10,351 times
Reputation: 12
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Green card or visa? There are typically no problems buying and selling a house, even when on a visa. The problem occurs when were to pass away.
Check with an estate lawyer how to best protect your investment from completely disappearing the the tax man, in case you were to pass away.
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08-08-2008, 04:42 PM
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Licensed real estate professional
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Join Date: Jun 2008
Location: Venice Florida
1,381 posts, read 1,060,849 times
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The only thing to be aware of is that on the sale of the property a Federal regulation know as FIRPTA will come into effect. 10% of the selling price is withheld. The non-resident seller can then file tax returns to get some or all of the withheld portion back depending on the amount of capital gain on the sale.
Last edited by FLBob; 08-08-2008 at 04:43 PM..
Reason: fat fingers
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08-08-2008, 05:59 PM
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Senior Member
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Join Date: Sep 2007
568 posts, read 385,993 times
Reputation: 123
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Quote:
Originally Posted by FLBob
The only thing to be aware of is that on the sale of the property a Federal regulation know as FIRPTA will come into effect. 10% of the selling price is withheld. The non-resident seller can then file tax returns to get some or all of the withheld portion back depending on the amount of capital gain on the sale.
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AFAIK, This only applies to foreigners on temporary visa. Permanent residents don't get withheld. |
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08-08-2008, 07:52 PM
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Brit in the USA
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Join Date: Mar 2008
Location: Western Mass.
600 posts, read 526,247 times
Reputation: 196
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He didn't say that he wanted to live in the U.S. or even apply for a visa.
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08-25-2008, 05:38 AM
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Member
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Join Date: Jul 2008
30 posts, read 22,346 times
Reputation: 12
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Hi to all,
sorry if i explained bad. I dont want, at least now, come there to live or soemthing else. Now i live in Italy, and my question was abt the issues i can have remaining here in Italy, and buying an home in FL to rent.
Many Thanks
Alessandro
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