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Non resident Property Tax
Hi - am a non-resident of the US, earning no income in the US, whose wife lives in NY on an O1 Visa. We have recently decided to buy a property in NY. My question is what the most tax efficient method for buying this property would be, should we want to sell it again in the future. This could be through a foreign corporation that I own, or through me as an individual, but I would like some advice in this regard.
Many thanks M |
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If you use a corporation, the purchase process will NOT be efficient, but there may be significant tax advantages.
If you buy the property yourself and live in it for at least two years as your primary home, you will be entitled to an an exemption of $500,000 on any profit when you sell it. Unless the corporation purchase offers some unknown tax advantage, a tax-free sale of the house seems to be the best way for me. |
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