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Updated over 4 years ago on . Most recent reply
Looking for CPA SDIRA Mexico Real Estate
My husband and I just purchased a condo in Mexico with our Self Directed IRA. We created a 50/50 partnership LLC to do this. I'm looking for a CPA to help guide us so that I make sure to keep the correct records for end of year filings.
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#5 Tax, SDIRAs & Cost Segregation Contributor
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#5 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- Atlanta, GA
Is this condo a rental? If your SDIRA owns it, you'll want to make sure you and your husband aren't using it for personal purposes (i.e. vacation rental).
It's not clear how this is structured....your SDIRA and your husband's SDIRA each own interest in an LLC taxed as a partnership? Is that what you're getting at?
If this condo is being rented, you're going to want to onboard a Mexican tax professional, as you may have Mexican tax obligations. Probably a US tax professional as well. Foreign tax credits, specific rules related to foreign real estate, and the crash course on potential US obligations as it relates to foreign assets. You'll need help with that.
There are many professionals on here who have experience with outbound transactions. @Lance Lvovsky is one. Read around and reach out to a few that interest you.