What are the tax implications for foreigners who purchase properties in Florida?
When you sell your property, 10% of the capital gain will be retained so that the IRS (US Tax department) can get its share of the appreciation. You can contact a local accountant that will guide you if your situation is more complex. If you plan to own investments properties in the US and are planning on renting, Rental Management companies will have to declare your monthly revenue to the Internal Revenue Service (IRS) using form 1042S. http://www.irs.gov/instructions/i1042s/index.html The following publications describe the rules related to taxation for foreign investors: Withholding of Tax on Nonresident Aliens and Foreign Corporations (rental) Pub 515 http://www.irs.gov/pub/irs-pdf/p515.pdf U.S. Tax Guide for Aliens (tax treaty) Pub 519 http://www.irs.gov/publications/p519/index.html Property Management companies will need to use a US taxation number (ITIN) to declare your revenues. Foreign investors can request an (ITIN) Individual Tax Identification ID from the IRS. This number w
