I am presently investigating investing in a house in Phoenix AZ. For a purchase price of $149000 I can get a rent return of $1500 per month. Does anybody know a lot about overseas investment and the tax implications ??
Hi Peter,
A question….are you saying 149K purchase price and 1500 p/month rent in US or OZ dollars???
Cheers,
Jo
Hi Peter,
From my experience, go to the area and spend time finding out these things. Look at the implications of being a foreign landlord unless you already live or want to live there. Take time to find accountant, solicitor, broker etc. Make sure that they are aware of “your” situation, where your domiciled, reside, and investing structure.
Once these professionals know your position they will then be able to best advise you.
Then talk to your local accountant/solicitor/broker etc and go through your new position.
I found it is very much similiar to purchasing in Aust, do your homework, ask heaps of questions to the right people, then take action when your are comfortable with the situation.
Regards
afloat
Hi Jo
The figures I quoted are in US$
Hi Afloat
I get the impression that you have invested in the US ?? I worked in Phoenix a couple of years ago so now a few good areas showing good appreciation and low vacancy. So if your showing a rental income in the US….do you have to register as a taxpayer in the US and complete tax returns ?
Hi Peter,From my experience, go to the area and spend time finding out these things. Look at the implications of being a foreign landlord unless you already live or want to live there. Take time to find accountant, solicitor, broker etc. Make sure that they are aware of “your” situation, where your domiciled, reside, and investing structure.
Once these professionals know your position they will then be able to best advise you.
Then talk to your local accountant/solicitor/broker etc and go through your new position.
I found it is very much similiar to purchasing in Aust, do your homework, ask heaps of questions to the right people, then take action when your are comfortable with the situation.
Regards
afloat
[/quote]
Hello again Peter,
Thanks for clarifying that for me. So that means that your 149,000 property will actually cost you more in AUD and your rent each month will be less. Either way, your rental return appears to be quite substantial, HOWEVER, as I don’t know the legal implications of investing o/s I am not really in a position to comment with any certainty.
As you have stated, you have worked in Phoenix some years ago, you obviously did your homework at the time, am I correct? I suggest you talk to those in the know, ie. legal professionals and get a clearer picture of your rights and obligations as an overseas investor.
If it suits your needs, you seek expert advice, ensure you cross all your “t’s” and dot your “i’s” I would imagine (hope) that all will work out.
Good luck with your venture!
Jo
Hi Peter,
From my experience investing (overseas). My area is UK. You asked about overseas investment and tax implications.
My rseponse is of a general nature, each overseas country that you invest in has its own “rules”. You would need to spend time in each area to learn more.
As Monopoly says “cross the “t’s” and doth the “i’s”.
Regards
afloat
Originally posted by Monopoly:
Thanks for clarifying that for me. So that means that your 149,000 property will actually cost you more in AUD and your rent each month will be less.Monopoly, surely in AUSD the property will cost more, but the rental will also be MORE rather than less?
Cheers
Mel[blush2][blush2][blush2]
Oh Melbear,
thanks heaps, you’re sooooo right, knew I should’ve taken my medication before I typed that post……Derrrrrr…..what was I thinking?????!!!!!![blink][blink]
It’s okay, I’m all better now!!!
See, you’re right, that damn Diet Coke, I have got to give it away!!! [confused2][confused2]Cheers,
Jo
LOL Monopoly
It must be that unmentioned chemical – it fuddles the brain – not to mention the fingers, I’ve spelt just about every word in this sentence wrong![biggrin] (that must be the leaded Coke’s problem as I don’t drink unleaded)
Cheers
MelTouche Melbear,
Guess we’re (you with your leaded and me with my unleaded) cokes, are DOOOMED!!!!!!
[laugh4][rolleyes2][rolleyes4][rolleyes5]I spent a while talking with a US investor and the yields that they can get (and are considered avarage is amazing!). It will certainly be a mrket I will be looking at in 2/3/4 yrs. (along with NZ and perhaps even Canada and the UK).
Rgds.
Lucifer_auSearch for earlier posts on this subject. I myself have touched on the tax implications, etc several times in the past 2-3 months.
— Michael
Anyone like to give us a little rundown on USA conditions for IP’s, any info would be interesting. The USA economy is improving we hear, may be this is a good time for investors.How does the taxman treat Australians, or absentee investors ? How do property managers operate ?
What are typical buy and sell costs ?
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
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