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Buying property in US from foreign place

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Old Jun 5th, 2008, 08:48 AM     #1
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Default Buying property in US from foreign place

I am a US citizen, my husband is British, and we live and work abroad. We were married last year in Virginia. I'm having a hard time finding a US lawyer in my city, so I though tmaybe you could help.

We are considering buying a house in the US as a rental investment, and I am unsure as to how to go about it. Our income abroad is not taxed and mine is still under the taxable limit for US tax, so all I do is file every year. I believe that any rental income we make in the US will be taxed, minus my deduction, property tax paid and management fees (is this correct?). I do not have a residence in the US any more ( no driver's license, etc.); my only fiscal tie to the US is a couple of bank accounts. We do not need a mortgage.

My question is this: should I buy it, should my British husband buy it, or should we buy it together? Obviously we'd prefer to own it together, but if then I have to claim his foreign-earned income on my US income tax forms, it puts me in a stupid tax bracket.

Any ideas?
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Old Jun 5th, 2008, 12:06 PM     #2
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Default Re: Buying property in US from foreign place

Hi--you may get some input here but we normally do not give tax advice on this site; you may check with the IRS directly; or your accountant; or the H & R Block web site for 20 dollars: HR Block Tax Advisor link --

H&R Block Ask a Tax Advisor | Do your Income Taxes with Help from an H&R Block Tax Professional
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