Tax Considerations for Foreign Rental Property: Holding Structures, Reporting Rental Income and Expenses, FTCs
An encore presentation with Live Q&A.
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 issues related to 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. reporting obligations for foreign-owned real estate?
An encore presentation featuring Live Q&A.
Faculty
C. Edward (Ed) Kennedy, Jr., CPA, JD
Managing Director
C Edward Kennedy Jr
Mr. Kennedy has more than 42 years of experience dealing with a variety of international tax matters, specializing... | Read More
Mr. Kennedy has more than 42 years of experience dealing with a variety of international tax matters, specializing in tax consulting services to a wide variety of clients ranging from closely held companies to multi-national businesses. His expertise includes domestic and foreign income and social security tax planning, tax compliance for individuals and corporations, tax treatment of incentive compensation plans, international assignment program administration, and international assignment policy design. Mr. Kennedy has also served as the U.S. practice leader for international social security matters for 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 for foreign assets and foreign entities, U.S. tax implications of foreign pension and social security plans, and U.S. income and social tax treaty planning. Mr. Kennedy is a member of the Texas Bar and is licensed as a certified accountant in Georgia and Texas. He has a B.A. from Furman University and a J.D. from Vanderbilt University School of Law.
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Patrick J. McCormick, J.D., LL.M.
Founder/Managing Partner
McCormick Tax
Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting... | Read More
Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting obligations. He published national articles and given numerous national and local presentations on assorted areas of tax and estate planning law, including international tax and offshore compliance issues. His latest article on PFICs is titled Tax Reporting Implications of Foreign Mutual Funds. He is licensed to practice in the States of New Jersey, Florida, and Georgia, and the Commonwealth of Pennsylvania.
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