As we all know, Orlando, Florida is truly the "Vacation Capital of the World." As such, many foreign investors have taken a trip to the Central Florida area with the intent to soaking up some rays from the "Sunshine State" & realizing the dream of foreign property investment by purchasing a vacation villa, townhome or condo. Many though fail to realize that with the purchase of a rental property comes the responsibility of filing tax returns with the proper Federal, State & local taxing authorities. Although this task can seem daunting to the individual, with the proper professional support from a Certified Public Accountant (CPA), which is similar to a Chartered Accountant in the U.K., these issues can be navigated with relative ease. In most cases, it is actually beneficial for non-U.S. residents to file Federal income tax returns since there are many deductions that can be offset against rental income. A few of these are mortgage interest, real estate taxes, business trips to inspect and caretake the home, along with all other running costs of the property. Many times a tax loss is generated that can be carried forward and accumulated over multiple years and used to reduce capital gains taxes on the sale of the property. Feel free to e-mail us with any questions that you may have in regards to these issues at matt@4cornersbusinesscouncil.comMatthew L. Bell, C.P.A., P.A.
P.O. Box 3466
Lake Wales, FL 33859-3466
863-676-1790
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