This week I want to cover a real estate situation, and the perils of being a withholding agent when there is a foreign seller of U.S. real estate.
From time to time I see foreign corporations as direct owners of U.S. real estate. This can work from a U.S. tax point of view (i.e., it can block the application of estate tax on the real estate if the shareholder dies).
But it creates a host of practical problems. And solving those practical problems will sometimes beget more practical problems.
This time I am going to explore the fine points of withholding tax on the sale of U.S.... continue reading
People who file Form 1040NR (as nonresidents of the United States) will sometimes receive a tax refund. Sometimes it is large, sometimes it is small.
The IRS, by default, issues a paper check for refunds.
It will shock you to discover that sometimes paper checks take a long time to reach their overseas destination. Sometimes the paper checks never arrive. Or sometimes it is a big hassle to deposit the U.S. dollar denominated check into a bank account overseas. Or it costs a significant amount in bank fees to get this done.
In short, paper checks are an abomination.
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Hello again, and welcome to the Friday Edition. More international tax goodies this Friday and every other Friday.
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This week’s episode is for nonresident investors in U.S. real estate. Specifically, I am going to talk about an expedient method I have used before (and will use again) to get around a banking problem.... continue reading
If you sign up for one of my email newsletters, you will get a bot-response from me, thanking you for signing up. But if you ask a question, the response is remarkably lifelike, because I actually write the answer. 🙂
Today reader S.J. signed up and here is what he wanted to know. I have edited his comments slightly for formatting and clarity, but mostly to hide identifying information.
... continue reading
1 – What’s the single most important question you have about international tax?
I abandoned my LPR green card in ______, 2015 (delivered my Green Card with Form I-407 to the US embassy) and was given a visitor visa.