US TAX INFO

Please find a simplified breakdown of what taxes you should expect once you own a property as a non-resident of the USA.
It is always best to seek specialist advice with regards to your tax and we are happy to pass on the details of companies that we use.
All property owners residing offshore who receive income must file a US income tax return.
The tax year runs from January through to December and all tax returns are due by June 15th.

1. ITIN All owners who are not resident and own rental properties must obtain a ITIN (International Tax Identification Number)
2. Tangible Personal Property Tax Return – Tax assesses against the furniture, fixtures and fittings located in the property.
3. Sales and Tourist Tax – Tax payable on rental income received
4. Local Business Tax (license) – Required by homeowners who rent their property, paid annually to the County Tax Collectors Office.
5. Property Tax – This is assessed by the property appraiser’s office and paid annually.
6. FIRPTA Withholding Tax – US law requires that when a non-resident sells a property it is subject to a withholding tax of 10% of the gross sales price for tax purposes. In the majority of cases this can be prevented.
7. Capital Gains Tax – Paid on the net gain from the sale of the property. Rates vary depending on the length of ownership and amount.

For more detailed information on tax in the USA, contact us.