Tax Considerations for Foreign Rental Property: Holding Structures, Reporting Rental Income and Expenses, FTCs
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will discuss the considerations and caveats of U.S. residents owning foreign rental property. Our seasoned panel of international tax experts will explore U.S. and foreign holding structures, residential and nonresidential rentals, and properly reporting rental income and expenses with a focus on reducing a taxpayer's overall tax burden.
Outline
- Ownership structures
- U.S.
- Foreign
- Other considerations of owning foreign property
- Types of property
- Residential
- Commercial
- Vacation homes
- Rental income
- Sales
- Double taxation relief
- Tax treaties
- Foreign tax credits
- Foreign currency conversion
- Other reporting requirements
Benefits
The panel will review these and other critical issues:
- How is foreign currency converted to U.S. dollars when reporting income and expenses?
- What are the income tax caveats of selling foreign-owned property?
- What rental expenses are deductible to lower a taxpayer's U.S. income tax obligation?
- Using U.S. and typical foreign entities for acquiring and holding foreign real property
- What are the U.S. FBAR and Form 8938 reporting obligations for foreign-owned real estate?
Faculty
Alison N. Dougherty, J.D., LL.M., CPA
Partner
Aronson
Ms. Dougherty specializes in U.S. international tax reporting, compliance, consulting, planning, and structuring as a... | Read More
Ms. Dougherty specializes in U.S. international tax reporting, compliance, consulting, planning, and structuring as a significant contributor to the firm’s international tax practice. She has extensive experience assisting clients with U.S. tax reporting and compliance for offshore assets and foreign accounts. Ms. Dougherty provides outbound U.S. international tax guidance to U.S. individuals and businesses with activities in other countries. She also provides inbound U.S. international tax guidance to nonresident individuals and businesses with activities in the U.S. Ms. Dougherty has counseled U.S. taxpayers regarding the outbound formation, capitalization, acquisition, operation, reorganization, and liquidation of foreign companies. She has significant experience with U.S. federal nonresident tax withholding, foreign partner tax withholding, and FIRPTA withholding. She works closely with nonresident individuals and businesses regarding inbound U.S. real property investment. Additionally, Ms. Dougherty has assisted U.S. taxpayers with IRS amnesty program disclosures of offshore assets and foreign accounts.
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Max Reed, LLB, BCL
Principal
Polaris Tax Counsel
As a cross-border tax lawyer, Mr. Reed assists clients with tax problems that span the US/Canada border with a... | Read More
As a cross-border tax lawyer, Mr. Reed assists clients with tax problems that span the US/Canada border with a particular emphasis on US taxation for Canadian corporations, trusts, and individuals. He has written widely on the topic of cross-border taxation and is the co-author (with Dick Pound of Stikeman Elliot) of A Tax Guide for American Citizens in Canada, technical articles on the U.S. tax treatment of the Tax Free Savings Account and Canadian mutual funds, and a series of columns for the National Post. One of this articles was given a technical award by the Canadian Tax Foundation. He is regularly invited to speak on cross-border tax issues.
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Michael Skoczylas
Tax Manager, Real Estate Services Group
EisnerAmper
Mr. Skoczylas has 10 years of experience providing tax compliance and consulting services to private companies and high... | Read More
Mr. Skoczylas has 10 years of experience providing tax compliance and consulting services to private companies and high net worth individuals. He focuses on the real estate industry providing tax compliance, planning, and advisory services to high net worth individuals and families. Mr. Skoczylas’ practice also focuses on international investment in real estate, both inbound and outbound. He is also active in advising and assisting clients with like-kind exchanges, developing financial models for tax and cash flow projections, and researching, analyzing and advising clients on multiple tax issues, including sales of assets, ongoing asset planning and, choice of entity.
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