Moving back to Australia

[Mark Murphy]

I am an Australian who has been living in the US on greencard for 18 years.

I am curious what options there are to keep my rental property (8plex) here if I return to Australia.

I know it is not a simple question, and the likely answer will be "it depends on a host of issues". 

I understand that if I keep my current LLC I will pay a gross basis 30% tax on total revenue, and I'd be ineligible to claim expenses. On top of this the estate tax is limited to $60k, and selling the property would incur 10% FIRPTA gross-basis withholding tax, not to mention the Australian Tax implication.

Obviously there are many considerations and hope someone is able to explain the options simply.  Is there any structure that will allow me to keep the property with reasonable tax consideration ?  

My objective for keeping the property would be to have a flexible investment (must be able to sell at any time without incurring massive tax liablility) and that provides reliable income stream.

thanks

Mark.

[Engelo Rumora]

Originally posted by @Mark Murphy:

I am an Australian who has been living in the US on greencard for 18 years.

I am curious what options there are to keep my rental property (8plex) here if I return to Australia.

I know it is not a simple question, and the likely answer will be "it depends on a host of issues". 

I understand that if I keep my current LLC I will pay a gross basis 30% tax on total revenue, and I'd be ineligible to claim expenses. On top of this the estate tax is limited to $60k, and selling the property would incur 10% FIRPTA gross-basis withholding tax, not to mention the Australian Tax implication.

Obviously there are many considerations and hope someone is able to explain the options simply.  Is there any structure that will allow me to keep the property with reasonable tax consideration ?  

My objective for keeping the property would be to have a flexible investment (must be able to sell at any time without incurring massive tax liablility) and that provides reliable income stream.

thanks

Mark.

Hi Mark,

Best thing to do would be to chat with an accountant ;)

I plan on moving back one day and will just keep my holdings in different LLC's.

I believe that all company expenses can still be claimed even if you live in Australia.

Best time to buy real estate is NOW and bet time to sell is NEVER.

I'd hold it just let the cashflow pour into your US account ;)

Just my opinion.

Thanks and Oi Oi Oi ;)