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All Forum Posts by: Ayse Yesilyurt

Ayse Yesilyurt has started 5 posts and replied 17 times.

Post: Non-resident investing for US citizen child

Ayse YesilyurtPosted
  • Ann Arbor, MI
  • Posts 17
  • Votes 1

Note: As we have ties to US and Michigan, we spend summers here as well, so this is not solely an investment. 

Post: Non-resident investing for US citizen child

Ayse YesilyurtPosted
  • Ann Arbor, MI
  • Posts 17
  • Votes 1

Hi,

We are non-resident foreigners who are interested in buying a condo in Michigan for our son who is a US citizen (9). He will most likely live in the US in the future (for college etc.) 

How is the best way to reduce US taxes (especially capital gains and death tax) and eventually transfer the real estate to him? As we may rent it in the mean time, we were suggested to form an LLC.

Any advice or name of a competent attorney/tax person in Michigan would be very much appreciated!

Post: Minor US citizen an LLC member?

Ayse YesilyurtPosted
  • Ann Arbor, MI
  • Posts 17
  • Votes 1

Anyone know any attorney or tax accountant in Michigan, who knows regulations regarding foreigners` tax issues?

Post: Minor US citizen an LLC member?

Ayse YesilyurtPosted
  • Ann Arbor, MI
  • Posts 17
  • Votes 1

@Steve Vaughan could you please point to some more information about this, I could not find it in Michigan sites nor elsewhere really. Thanks in advance.

Post: Minor US citizen an LLC member?

Ayse YesilyurtPosted
  • Ann Arbor, MI
  • Posts 17
  • Votes 1

Hi Dave, Thanks a lot. I wonder if foreigners can do a 1031 exchange? I think the house cannot even be our primary residence anyway, as foreigners, so no problem right?

Hi Steve, thanks! That seems important. I will check for Michigan. 

Post: Minor US citizen an LLC member?

Ayse YesilyurtPosted
  • Ann Arbor, MI
  • Posts 17
  • Votes 1

Hi,

Sorry I have posted this in the more general forum as well and did not know how to change it to here. 

Me and my husband are Turkish academicians who are interested in buying a condo in Michigan, as we have ties in this country (lived here many years) and visit most summers for 1-2 months. The property is around 200K and it will be a cash buy. We also have a young son (9) who is a US citizen who may want to go to school here when he grows up. In order to pay for taxes and HOA, we plan to rent it in the remaining time. We will most likely hold the property for several years. I have also seen some link about some special right to scholars, so for info, we are here currently for a 1yr-sabbatical.

The questions are:

- We were advised to buy it under an LLC to limit our liability, if renting. Is there any benefit of including the son in the LLC (as a non-managing partner)? 

- We heard about FIRPTA, and the place will be less than 300K most likely when we sell, but I do not understand why the exception requiring the buyer using it as primary residence? Or other advice around that, suitable for our situation?

- Anyway to get the lower homestead tax, if we will not rent (I understand not, if an LLC)?

Any other advice?

Thanks!

Hi,

We are foreigners not living in the US who are interested in buying a condo in Michigan, as we have ties in this country (lived here many years) and visit most summers for 1-2 months. The property is around 200K and it will be a cash buy. We also have a young son (9) who is a US citizen who may want to go to school here when he grows up. In order to pay for taxes and HOA, we plan to rent it in the remaining time. We will most likely hold the property for several years.

The question is, should we buy it with an LLC to limit our liability, if renting?

Is there any benefit of including the son in the LLC (as a non-managing partner?)?

We heard about FIRPTA, we will pay for property taxes of course but 15% withholding still sounds very high - any way around it or is is easy to claim it back if we have taxes paid?

Any other advice?

Thanks!