Foreigners get a piece of the real estate pie

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Foreign Real Estate US Taxes (2018 Update – the tax laws are still the same.)When you are renting out your foreign real property in a foreign country, as a US Citizen or permanent resident, you must not only comply with all tax requirements of that foreign country, but you must also report all rental information for your international real estate on your US income tax return.

Previous generations would get an education, get a job, stay with the one company and retire from the one company. It was simple. The company took care of you (with job security and a pension) and you took care of the company. A win-win.

A: The TIN is applied for by completing a Form W-7 and remitting the form, along with proper documentation, to the IRS. In order to apply for a TIN, the foreign person must show that they have a valid reason for requesting the number. The sale of U.S. real estate constitutes a valid reason for obtaining the TIN.

Basis; property acquired from nonresident alien decedent. Foreign real property that is inherited by a United States citizen from a nonresident alien will receive a step-up in basis under section 1014 of the Code even though the property is not includible in the value of the decedent’s gross estate.

A look at the canadian real estate market and whether or not it’s time to buy. And some options you may not have thought of.. The Time Is Now To Get Your Piece Of The Pie." The Canadian Real Estate Market: The Time Is Now To Get Your Piece Of The Pie EzineArticles.com.