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    mimmooliva's Avatar
    mimmooliva Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 4, 2012, 08:06 PM
    Tax for Italian residents
    Good Morning, I am an Italian citizen, resident in Italy.
    I want to buy an house in USA and immediately rent in.
    I am trying to obtain informatio about the tax.
    I have been to irss but they say that they were not able to give me an answer.
    Can You help me ?
    I know that there is an agreement between Italy, but I don't know wath I must do.
    Can I choose if to pay taxes in Italy or USA ?
    Whath must I do if I pay the taxes in USA ?
    What must I do If I pay The taxes in Italy ?
    Thank You for your help.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    May 5, 2012, 04:06 AM
    Quote Originally Posted by mimmooliva View Post
    Good Morning, I am an Italian citizen, resident in Italy.
    I want to buy an house in USA and immediatly rent in.
    I am trying to obtain informatio about the tax.
    I have been to irss but they say that they were not able to give me an answer.
    Can You help me ?
    I know that there is an agreement between Italy, but I dont know wath I must do.
    Can I choose if to pay taxes in Italy or USA ?
    Whath must I do if I pay the taxes in USA ?
    What must I do If I pay The taxes in Italy ?
    Thank You for your help.
    What you do is not be a cheapskate and consult an accountant any investment you make has implications in the US and in Italy and your specific circumstance is relevant

    What usually happens in reciprocal tax arrangements is you are taxed in one country on your income in that country and you must report your income in the country of origin and you will receive some tax relief for taxes paid elsewhere so usually two tax returns in different jurisdictions and with different income years, very complex and may result in you losing the benefit of losses
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