I’m a 25 y/o Dentist in Canada, thinking of specialising in the US (2 year program) and live in the US afterwards.
Any fellow Canadians here that can give me a general idea with tax/setting up corp and all for US RE journey?
I understand LP is preferred over LLC due to avoiding double taxation, but if I plan to stay in the US and keep the money in the US, do I still form a LP? Once I'm done with school, I will declare a non-residency in Canada.. Would it be a good idea to start my RE journey while in school in a tax perspective?
I’m a 25 y/o Dentist in Canada, thinking of specialising in the US (2 year program) and live in the US afterwards.
Any fellow Canadians here that can give me a general idea with tax/setting up corp and all for US RE journey?
I understand LP is preferred over LLC due to avoiding double taxation, but if I plan to stay in the US and keep the money in the US, do I still form a LP? Once I'm done with school, I will declare a non-residency in Canada.. Would it be a good idea to start my RE journey while in school in a tax perspective?
Hey Ryan, I think you maybe have a few terms tough tied. LP generally means limited partner and is not an entity you form here in the US. For getting started in real estate, just get one property under contract that makes sense to you, and either hold it in your name or create an LLC to hold it in. If you hold it in your name, you can always move it later, you just need to ensure you don't have a transfer tax associated. Getting started here requires action above all, so don't spend so much time worrying about entities and taxes. Thats for your accountant to worry about!