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Updated over 7 years ago on . Most recent reply

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Lucky Tiderman
  • Investor
  • Edmond, OK
5
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29
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Vacation rentals in a foreign country

Lucky Tiderman
  • Investor
  • Edmond, OK
Posted

Are there any tax pros or cons in owning a vacation rental in a foreign country?

I'm also looking for a CPA in the Oklahoma City area that specializes in real estate investing. 

Thank you for your time and help 

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Christopher Smith
  • Investor
  • brentwood, CA
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Christopher Smith
  • Investor
  • brentwood, CA
Replied

I'm not sure they are any major US Federal income tax Pros or Cons. It will be certainly be fully taxable as with any other rental activity and there may be some additional reporting obligations if you maintain a foreign bank account.

You will need to know what foreign reporting obligations (tax & non tax) you may have (if any). If you pay a foreign income tax on the activities income, you may be eligible to claim foreign tax credits against your US Federal liability for those foreign income taxes paid (subject to certain limitations). That will likely necessitate a slight increase to the complexity of your domestic filing.

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