QUESTION:
Can a foreigner non-US resident own property in the U.S.A.?
If so, what are the tax implications and death duties issues one
should be aware of? The property will be bought at retirement
time.
Your reply is very much appreciated.
==============================
david ingram replies:
any non-American citizen or resident can buy property in the
United States.
If you are a Canadian, you will pay Capital gains tax to the US
first and then report the profit again on your Canadian return.
If you paid any tax to the US, you can claim a foreign tax credit
for the tax paid to the US on lines 431 and 433 of Schedules 1
and 428 of your Canadian return (Quebec has a different form).
For 2005 and 2006, there is no US estate tax on the property
unless your total estate exceeds $1,500,000. This rises to
$2,000,000 for 2007 and 2008, $3,500,000 for 2009 and goes back
to $1,000,000 for 2010 if the US Congress does not ratify George
Bush's bill to eliminate Estate Tax altogether by 2010.
Answers to this and other similar questions can be obtained free
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