All Topics / Overseas Deals / Buying and selling US Land

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  • Profile photo of berryinc25berryinc25
    Participant
    @berryinc25
    Join Date: 2006
    Post Count: 16
    May 21, 2006 - 7:26 am

    Hi there,

    Can anyone inform me of the CGT implications of selling land in the US as an Australian citizen and resident (ie. would I need to pay double CGT?) Also if I were to sell US land to US citizens, is it as simple as transferring title by sending warranty deed papers?

    Thanks for any help

    creativity is more valuable than your next IP purchase

    Profile photo of westanwestan
    Member
    @westan
    Join Date: 2002
    Post Count: 1,950
    May 22, 2006 - 1:11 am

    hi berryinc 25

    we have a double tax treaty with the US so you will not have to pay tax twice, unless you buy it though a C corp. You might be better to set up an LLC to own the land. But every individual’s situation is different.

    I’m buying land in the USA at the moment , i can share the way i’m structuring it but just because its the best thing for me doesn’t mean its best thing for you ???

    This to consider
    how long will you hold the land (effect Aust CGT)
    Withholding land
    Future activities

    it might be better if you want to phone me, email me and i’ll forward my phone number if you want a bit more of a discussion.

    regards westan

    USA deals, cash flow equity and capital growth all in one property.
    International Property Consulting Pty/Ltd.
    Property Investing New Zealand Ltd
    http://www.iproperty.net.au

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