One just need read the law for a very easy understandingThe preceding sentence shall not apply to any foreign taxes described in subsection (a)(3) or to any taxes described in paragraph (1) and (2) of subsection (a) which are paid or accrued in carrying on a trade or business or an activity described in section 212.And then the reference from the above law to IRS Code 212(1) It has been paid or incurred by the taxpayer during the taxable year (i) for the production or collection of income which, if and when realized, will be required to be included in income for Federal income tax purposes, or (ii) for the management, conservation, or maintenance of property held for the production of such income, or (iii) in connection with the determination, collection, or refund of any tax; and(2) It is an ordinary and necessary expense for any of the purposes stated in subparagraph (1) of this paragraph.And for even simplified version, just look at the IRS guidance on the subject...What Deductions Can I Take as an Owner of Rental Property?

Some of this is foreign money that is being parked here -not for appreciation but merely for safety. 

The goal should be to have insurance and as much as you can get (even an umbrella policy), AND establish an LLC that works with a Asset Management Liability Company, that then works with a Domestic Trust and once you have about 500k-1.5M in assets a Foreign Cook Trust that can be used if an event tiggers the foreign trust.

If anyone has experience in foreign properties and transferring the money and experience with as I have described I would love some guidance.

In my opinion, the transactional cost of buying and selling properties in Mexico (basically trading houses) might make it very challenging to make good profits if you are buying and selling as a foreigner.

My agent just told me that since my wife is on the title of the property we have to pay 10-15% foreign owned property tax on the profit, this is a sickening feeling because the value has more than doubled. 

It is US for US and Foreign for foreign.2.

Of course, these days, it's becoming harder and harder to find those such deals given all foreign investments and all. 

I would be equally concerned with a misspelling of my name (I have a middle name and two last names, non hyphenated,all foreign).Honestly I would hope the folks in the finance side are attentive to detail otherwise I'd assume they are in the wrong business.

Hey BP,As a Canadian if I were to buy a property in the USA am I legally allowed to repair/work on it myself?I am looking to:1. Buy distressed property with cash.2. Repair said property doing most of the work myself a...