Forum Replies Created
Thanks for the advice. I’ve sent them an email just now. You’re scaring me tho regarding their fees! Have you used them yourself? I’m going to need them to file individual US tax returns as we bought the property in our names. Hope it’s affordable.
Positive Aussie wrote:trhia wrote:In addition to that, my research also tells me that if you are taxed here and US, pay tax in US and claim tax credit here, you can also negative gear here if you borrowed money here for the property.You may be eligible for tax deduction benefits in US, even if you borrow funds in Australia. Then balance tax (paid in US) can be shown to ATO for further deduction as tax credit. Most importantly, all types of loans (credit cards, personal loan, equity released loan from Australian property) can be considered for tax deduction in US.
I have been researching US market for a long time.
Thanks for letting me know! I didn’t know this as a US Accountant is the last missing piece for me. So I am currently in search for a good one that can deal with my situation. Cheers!
To HighIncomeProperty:
I just recently bought a US property and am looking for someone who can help us with the US tax return for when the time comes that we need to do so. Would really appreciate it if you can recommend one.
In addition to that, my research also tells me that if you are taxed here and US, pay tax in US and claim tax credit here, you can also negative gear here if you borrowed money here for the property.
I just got my first rental property last month. We were lucky to get one that already had a tenant which were the original owners. My property manager was recommended to me by the real estate agent that brokered the sale.
He collects 10% of the rent as commission. I opened a US bank account while I was there last March so they will deposit the rent there. At this stage I’m thinking I’ll use paypal to transfer the money back as they don’t have exorbitant fees like the banks does.
One thing that I know I need to look for is an accountant over there to file my federal tax next year. So I’d be interested if anyone has used one that is familiar with Australian/US taxation.
Still early days at this stage but definitely the rental income is aroun 10% return.
