EP 15: All I Want is a Room Somewhere! Owning Property Overseas
Owning foreign or overseas rentals is very attractive, especially for foreign-born individuals with strong ties to their "home" country.
The question has also frequently come up with foreign nationals on work visas who are not going to be in the US for the long term and want to start building passive income overseas. Given the current situation in the US, we can appreciate the attractiveness of the proportion.
There are different areas to cover, but in today's episode, we will answer the top five questions we see repeatedly. In the future, we'll tackle more questions.
Also, if your top question is not addressed, please send it to us, and we'll add it to a future episode.
Today's questions are:-
How do you determine the value of the overases property?
Are you required to report it to the IRS (your US taxes), and if so, how?
What forms do you need to report rental income?
Can you convert a primary resident to a rental property and vice versa, and if so, does the section 121 exclusion apply?
What about the exit plan? What are the financial, tax, wealth, and cultural implications of the decision?
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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