Silvio, Home Owner in Florida

I'm a Canadian interested in buying a condo in orlando for renting it. How does the tax work? do i have to file w/ the IRS or here as foreign?

Asked by Silvio, Florida Mon Feb 27, 2012

income?

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Since the property will be for investment you will have to pay taxes to the US goverment every year of your income. You will need to get a tax filing number from the IRS (similar to a TIN, temporary identification number given to foreign workers) for you to pay taxes. You will also have to pay the local county taxes on property value. If you ever sell the property, 10% of the earnings will be hold back until you pay the final tax bill to US, that is called FIRTPA. Overall it is easy system to follow, just get a loacal Certified Public accountant to complete your US taxes.

Here is a link to the goverment website which explains all in details:
http://www.irs.gov/individuals/article/0,,id=120219,00.html

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Tony Vega
Charles Rutenberg Realty
1 vote Thank Flag Link Tue Feb 28, 2012
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