Tax information, hints and news. Exclusive for overseas property investors and owners.
Renting out your home while living overseas can provide additional income, but it also comes with important U.S. tax obligations. Property owners must report all rental income to the IRS on Schedule E and keep detailed records of income and expenses.
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US taxpayers must report and calculate depreciation for foreign rental property as part of their global income tax obligations.
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US taxpayers must report rental income earned from property located outside the United States on their US tax return.
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US taxpayers can claim tax deductions for expenses related to foreign property, but notes that foreign property taxes are no longer deductible under current law.
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Non-resident property owners must report and pay income tax on rental income earned from property located in another country, even if they live abroad. Tax treatment depends on whether the income is taxed on gross rent or on net income after deductions such as maintenance, mortgage interest, or property management costs. Filing the correct tax return is essential, as failure to do so may result in higher withholding taxes and the loss of allowable deductions.
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The Internal Revenue Service (IRS) requires all foreigners to pay US rental income tax on any revenue from US sources. Unless reduced by an applicable tax treaty, rental income is subject to a flat 30% withholding tax. See details and how you can reduce your US property tax with our help.
The idea was born in 2006.
We noticed that more and more people were purchasing property abroad and there was a gap in the market for a company that could organise and manage the tax requirements of international property owners.
We wanted to help people who have a property and rental income in France, Germany, Spain, Ireland, the UK, Poland, Hungary and the USA to meet their tax obligations.