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  • Profile photo of KJM1970KJM1970
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    @kjm1970
    Join Date: 2012
    Post Count: 5
    June 5, 2012 - 11:21 am
    quickchick wrote:
    No capital gains tax in USA.

    Hi Ruth,
    While I am not a qualified tax accountant, I believe that your comment above is incorrect. As far as I'm aware, capital gains tax on a property you've had in the US for more than 12 months is 15%. Any rent, expenses, tax paid in the US will then be recorded on your Australian tax return. I know there is no stamp duty on purchases in the US. Maybe that's what you meant?

    Cheers,
    Kim.

    Profile photo of KJM1970KJM1970
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    @kjm1970
    Join Date: 2012
    Post Count: 5
    May 28, 2012 - 10:38 am
    saturday wrote:
    WI

    could you please let me know if you had help selecting the properties you bought
    is there anyone you would recommend

    if the answer to this is somewhere else on this forum could you provide the link

    thankyou in advance

    Hi Saturday,
    I have a great contact for a buyer's agent in Atlanta and also a property manager. Contact me via my inbox if you want more details.

    Profile photo of KJM1970KJM1970
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    @kjm1970
    Join Date: 2012
    Post Count: 5
    May 28, 2012 - 2:14 am
    king-co wrote:
    I'm not sure what worldinvestor is referring to with the comment "You also need to ensure that the bank you use in US for purpose of chanelling rental funds has an affiliated bank account in Aust, otherwise you will not be complying with ATO and will be a problem." What specifically are you not complying with? I have an SMSF as the member (shareholder) of an LLC in Ohio with myself as the manager with a Chase bank account with no Australian affiliation. SMSF has injected capital into the company and when funds at a comeback from rent it can come back as a return on investment and transfer through ozforex. I don't see why the US bank has to have an Australian affiliation to bring funds back?

    King-co: when you got your LLC set up in Ohio did you elect to remain as a foreign company (through entity for the LLC) or did you elect to be treated as a US domestic company? I would imagine to ensure compliance with the ATO, it would be the first option.

    Profile photo of KJM1970KJM1970
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    @kjm1970
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    May 27, 2012 - 11:52 am

    Thanks for the input re bank accounts. That’s something I’ll need to do more research on. I already have Wells Fargo accounts but will have to see whether they comply. I am using a tax accountant in the US who regularly deals with Aussie investors and have a phone meeting with her next week to discuss my questions.

    Shawnfromsydney – I am using an online company called Superconcepts for the SMSF set up. Still in the early stages though so not sure how long it will take.

    I’ll also need to contact my accountant to see if they have any knowledge in this field.

    Thanks everyone for their contributions.

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