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March 21, 2024
10:00 a.m. to 11:50 a.m. (Pacific Daylight Time)
Encore presentation and live Q&A.
110-minute CPE webinar with interactive Q&A
This course covers considerations and caveats for U.S. residents owning foreign rental property. Our panel of experienced international tax experts specializes in U.S. and foreign ownership structures, residential and non-residential rentals, and rental rates, with a focus on reducing taxpayers’ overall tax burden. Investigate proper reporting of income and expenses.
explanation
Many Americans work or live outside the United States and purchase vacation homes, homes, or commercial rental properties while abroad.Real estate use, ownership structure, owner declaration status, and foreign tax credits All affect the owner’s tax liability.
Various tax laws apply to personal use of rental properties. than properties run exclusively for business. Complicating tax determination are the rules regarding vacation homes in the United States. Whether he rents the property for more or less than 14 days and the percentage of his personal use of the property will affect his ability to deduct related expenses.
For all rental properties, tax advisors must consider the host country tax implications as well as the U.S. tax implications. Rental and sale gains and losses must be properly reported in both countries, often resulting in double taxation. International tax advisors need to understand: Relief provided under U.S. income tax treaties and foreign tax credits To alleviate this result. Equally important is properly reporting losses in the years leading up to the disposition that preserve these deductions.
The 2017 tax reform abolished the foreign real estate tax deduction, but if you are single, you can earn up to $250,000 for your primary residence overseas, provided you pass a residency test for two out of five years. If you are married, you can qualify for the Section 121 benefit exclusion of up to $500,000.to understand Available deductions and reporting requirements for foreign real estate This is extremely important for tax professionals working with international taxpayers.
Our panel of international tax experts explains U.S. income taxes and other reporting obligations, important considerations when purchasing overseas real estate, and tips for minimizing double and combined taxation in both countries To do.
overview
- ownership structure
- we
- foreign country
- Other considerations when owning foreign property
- Property type
- Residential
- commercial
- villa
- rental income
- sale
- Reduction of double taxation
- tax treaty
- foreign tax credit
- Foreign currency conversion
- Other reporting requirements
advantage
The panel will consider these and other important issues.
- How are foreign currencies converted to US dollars when reporting income and expenses?
- What are the income tax issues associated with the sale of foreign-owned real estate?
- What rental expenses can be deducted to reduce a taxpayer’s U.S. income tax liability?
- Using U.S. and typical foreign corporations to acquire and hold foreign real estate
- What are the U.S. reporting requirements for foreign-owned real estate?
The encore presentation will include a live Q&A.
Faculty
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C. Edward (Ed) Kennedy Jr., CPA, J.D. Mr. Kennedy has over 42 years of experience handling a variety of international tax matters and specializes in tax consulting services for clients ranging from privately held companies to multinational corporations. His expertise includes domestic and international income and social security tax planning, personal and corporate tax compliance, tax treatment of incentive compensation plans, international assignment program management, and international assignment policy design. Mr. Kennedy also served as the U.S. practice leader for international social security issues at a Big 4 accounting firm. He is a frequent speaker in the areas of international tax compliance and reporting obligations, U.S. information reporting requirements regarding foreign assets and foreign corporations, U.S. tax implications of foreign pension and Social Security plans, and U.S. income tax and social tax treaty planning. going. Mr. Kennedy is a member of the Texas Bar Association and is a certified public accountant in Georgia and Texas. He holds a BA from Furman University and a JD from Vanderbilt University School of Law. |
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Patrick J. McCormick, J.D., LL.M. Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting obligations. He has published national articles and given numerous national and local presentations on various areas of tax law and estate planning law, including international tax and offshore compliance issues. His latest article on PFICs is titled “Tax Reporting Implications of Foreign Investment Trusts.” He is licensed to practice in New Jersey, Florida, Georgia, and Pennsylvania. |
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