Home Buying in Las Vegas>Question Details

Martin Lau, Home Buyer in Las Vegas, NV

I'm a foreighner, if I purchase an apartment for investment in Las vagas and sell it after a few years, do I need to pay any tax or fees for my

Asked by Martin Lau, Las Vegas, NV Sun Jul 15, 2012

gains.

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5
If you have gains, yes you have to pay taxes on the gains. In either case, whether you have gains or no gains, you will need to file a federal tax on the property EACH YEAR. You are collecting rents on an apartment building. Since those rents are generating income, you will need to declare that income. For further information, I suggest that you speak with a CPA who specializes in real estate. Different parts of an apartment building can be depreciated on a different timeframe.
1 vote Thank Flag Link Sun Jul 15, 2012
There are some "off shore" corporations setup that can avoid the tax. I hear the Cayman Islands can save you a ton of money


David Cooper Investor and Licesed Real Estate Agent
0 votes Thank Flag Link Sun Jul 15, 2012
You will be expected to pay income tax annually.

Also, 10% of the total sales price will be held by the government upon your resale of the property, and when you actually complete that years taxes you will be refunded any difference between capital gains tax and the 10% withheld.

Learn more about investing: http://www.sellstatesignature.com/las-vegas-real-estate-inve…
0 votes Thank Flag Link Sun Jul 15, 2012
I think there is more to the answer such as your residency status. I would highly recommend you seek advice from a tax expert.
0 votes Thank Flag Link Sun Jul 15, 2012
Hello Martin,

You need to speak to an accountant in the US that can get you set up correctly before purchasing. If you make mistakes in the beginning it can be costly in the end. You can email me your contact info and I will refer you to an accountant that specializes with foreign nationals.

Respectfully,

Billy Alt
Wynn Realty Group
Billy@Altgrouplv.com
(702)250-1090
0 votes Thank Flag Link Sun Jul 15, 2012
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