All Forum Posts by: Steven Hamilton II

Bryan,

My understanding is that you should be able to use any allowed number of partners provided they are established entities.

So essentially, you could have 25 investors in one partnership and have that partnership invest in your project. Now your project has one investor.

You could do the same thing 4 times. And the final project only has 4 investors. That is my understanding; however, I'm not an attorney so don't take that as creed.

consider the value of rolling the account over to a ROTH IRA. You will pay tax on it, grow it tax free and withdraw it tax free.

Actually Mitch, you are allowed to do repairs on the property; however, you are not allowed to upgrade or increase the value of the property. So you can fix the light switch or fixture; you can't remodel the kitchen.

Are you looking for tax advice? or bookkeeping?

Ebere,

Technically treating him as a silent partner and only dispersing after tax profits is borderline illegal based upon the laws especially those governing foreign individuals/entities.

I recently purchased a HUD home for myself a nice property. The owner oc rule was 1 year same as the FHA mortgage. At that time I will evaluate the market and see where I'll go with that. But for me I will be here the one year. Favorable capital gain rates.

Overall the general treatment is the same; however, if you have to pay income tax on the income generated then you will need to fill out Form 1116 Foreign Tax Credit.
You will also be using a longer depreciation method. You will depreciate the property over the course of 40 years rather than 27.5 The reason for this is to encourage US residents to reinvest in the US rather than outside.

Dave T is on the money on this answer. And my specialty is tax. I represent people before the IRS.

Easy response. ALWAYS a separate entity. And depending upon the state you are located in the Series LLC can be your friend. I'm in a Series LLC friendly state though.

I represent people in front of the IRS in audits. Moral of the story, if your name is not on it, or you don't have proof that you reimbursed the cost, it won't be allowed. And along with receipts, most auditors like proof of payment such as a bank statement or cancelled check.