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Is it possible for a forgeiner to buy a house in USA using cash. I was in indonesia for a meeting and my counterpart there, asked this question. He applied for immigration through his family but waiting period is 5 years. He wants to invest here and maintain the house as a rental property until he moves here. Sounds like a good plan but is it legal and what are the tax implications?
Yes you can do it. I don't believe there are any tax implications until you sell, and the title company will hold back money, I believe 10%. Each state will probably be different as some do/don't have state taxes. You need to research the specific state you want to buy in.
Yes you can do it. I don't believe there are any tax implications until you sell, and the title company will hold back money, I believe 10%. Each state will probably be different as some do/don't have state taxes. You need to research the specific state you want to buy in.
What about taxes during ownership ??
--Local and/or state Property taxes
--Federal and State Income taxes
Yes, it is done all the time. He can hire a property management company to manage it as a rental.
He will have to file US income tax forms for the rent money. That can also be hired so he doesn't have to deal with it. There won't be much if any tax due, because he gets to deduct all expenses plus depreciation.
I do not know if he can take the standard deduction, since he is not a US resident. His tax accountant/ preparer will know the answer to that question.
He can come over here on a tourist visa to pick out the house and sign all the paperwork. There is no residency requirement to own real estate.
If he is buying on the West coast, an escrow company handles the paperwork and the title insurance. On the East coast, he would hire a real estate lawyer to do that for him.
A good real estate agent will guide him through the process.
There won't be much if any tax due, because he gets to deduct all expenses plus depreciation.
Hopefully there would be a lot of taxes due, that means he is making money. . In areas where there is a high value on the land, there is less depreciation, so you end up paying more in taxes.
I believe there is also a way to invest in a US business and you can get an expedited green card.
This is true. There are, of course, some conditions and such (you have to employ a certain number of people, you have to show you have a business history, etc)
If some cases foreigners can even get mortgages. Lending varies by state.
Still pretty difficult; also will need to apply for SSN and also establish somesort of credit history too.
EB-5 requires ALOT of capital. Immigration is all too wise about people who think they can sidestep and dance with the system to obtain npr, green card and visa etc. Purchasing property doesn't give you an automatic right to be able to stay. Even if someone does VWP and is caught staying 1 day over the allowed time, they can be barred from entry for 10 years.
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. In areas where there is a high value on the land, there is less depreciation, so you end up paying more in taxes.
