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| Buying & Selling Property Buying and selling real estate property. |
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#1 |
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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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#2 |
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Top Level Member
Last Online:
Nov 30th, 2008 01:12 PM Join Date: May 2007
Posts: 693
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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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