Buying real estate non us resident

Buying real estate non us resident? I. Individually or through a pass-through entity such as an LLC There are buying real estate non us resident advantages. This structure is a lower capital gain rate on the net profit. The rate today is 15%. This will be the case for at least until 2013 when the rate is schedule to go up to 20%. The foreign individual will have to have a U.S tax identification number and file U.S tax returns at time of sale of property or on receipt of rental income. The other advantage to this structure is the elimination of double taxation of income if there are rents received and a profit left over after payment of carrying costs and expenses. The disadvantage of this structure is exposure to the estate tax in the U.S as well as possible probate in Florida courts. This structure also has no confidentiality since the real estate records are completely public. We have been advised by Brazilian counsel that if a Brazilian individual does pay capital gains tax in the U.S on the profit of the sale real estate, this tax will be credited against tax due in Brazil. This should be […]
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