Forming an LLC to cover overseas real estate

[jalalzia]

Hi there,
My wife an I are in the process of acquiring some investment land overseas. The idea is that we will hold the land for a few years and then sell it at a profit.
We are also thinking of forming an LLC or some other business entity to cover our purchase costs and travel to the overseas site (to sign ownership/legal documentation). I need some advice on:
(i) What kind of business entity should we form? (LLC, S-Corp etc?)
(ii) Can we write off our costs of acquiring, maintaining and travelling to the property?

Any advice is greatly appreciated!
THanks!

 

[army judge]

You should consult with an international tax attorney.

A CPA might be able to help you.

Some countries do not recognize US corportations and legal entities.

The US does not recognize all NON-US legal entities.

Your question is too vague and too complicated for an answer on this type of forum.

Pay an attorney and get real advice.

Otherwise, the tax man in a couple of nations (or more) might just screw you and take your property!

You should also seek legal advice BEFORE you purchase land, inside or outside of the US.

Don't be pound wise and penny foolish!

 

[jalalzia]

THanks. Advice well taken.
Let me, nevertheless clarify a few points.
WE have consulted with an attorney overseas, and the country in question will recognize our US based legal entity (be it an LLC, S-corp or whatever). They will not charge us taxes provided we can prove we are registered in the US. My question really is about the US taxman recognizing our property overseas and our right to channel our expenses and income from this property through our LLC/COrporation or whatever it may be.
THanks again!

 

[army judge]

THanks. Advice well taken.
Let me, nevertheless clarify a few points.
WE have consulted with an attorney overseas, and the country in question will recognize our US based legal entity (be it an LLC, S-corp or whatever). They will not charge us taxes provided we can prove we are registered in the US. My question really is about the US taxman recognizing our property overseas and our right to channel our expenses and income from this property through our LLC/COrporation or whatever it may be.
THanks again!

The dirty, lowdown thieves that con the US taxpayer can get to your overseas property.

If they discover it, and they will by virtue of your entity; will tax it.

I doubt that they will allow you deductions to manager your property.

Think about it like this.

You live in Idaho.

You own property in Maine.

You own the property through your LLC.

The IRS thieves are not going to allow you to deduct travel and maintenance expenses to travel from Idaho and vacation in Maine.

No matter why you travel to Maine, the Nazi, jackbooted thugs that run the IRS aren't going to allow those kinds of deductions.

Why not give yourselves a life estate in the property overseas.

Then deed it to a citizen of that country that you trust in fee simple.

Better yet, give the funds to a trusted person to BUY the property for your use.

Have them give you a life estate, and a fee simple deed subsequent to themselves upon your demise!

That way you have use of the property, and the long arm of the US tax thieves (aka-IRS) can't get a penny of tribute from you on foreign soil.

 

[lawinc2]

If you hire an attorney, you can have a clear understanding as to why form LLC to hold investment real estate is mandatory for your residence or firm. Many online sites provide you with such help too. However, it is not safe to follow the online sites. Only an attorney can help you about forming a LLC. As LLC is state owned entity that protects the singe proprietary or ownership. It is advisable to form LLC even before you buy a real estate. The laws are stringent on the commercial lenders.

Call for an attorney today to check the various rules and regulations and to know why form llc to hold investment real estate is important. Although there are some disadvantages related to it, the number of advantages is so high that you cannot ignore it