im not legal here can i still buy a house?

Asked by Georgina Escobar, Mexia, TX Thu Jan 13, 2011

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Dallas Texas, Agent, Dallas, TN
Fri Jan 14, 2011
Are you paying cash? Many more question(s) need answers prior making any statement

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Bruce Lynn, Agent, Coppell, TX
Thu Jan 13, 2011
Georgina,

In the United States unlike many other countries non-citizens can purchase real estate in most locations.
Foreign Investment in Real Property Tax Act does impact you when you sell and this can have significant consequences. Title companies or others facilitating the sale or transfer of your property may need to withhold and remit to the IRS a certain amount of the proceeds. I've seen numbers of 10-35%. This is not of the profit, but of the gross amount. Then it is up to your CPA to file the appropriate tax forms and declare any taxes or refunds due. This is significant as even if you sell at a loss, the title company might withhold 10% or more of your proceeds to send to the IRS.
0 votes
, ,
Thu Jan 13, 2011
Giving advice to a law breaker is not really ethical for the professionals here.
0 votes
Tom, your comments were not necessary. Mr. Bruce Lynn, Broker, Coppell, TX. answered Georgina and I am certain many others simple question.
"In the United States unlike many other countries non-citizens can purchase real estate in most locations."
I am certain, many "LAW BREAKERS" have not only received advice from professionals but have also purchased "real estate." Elva Palermo.
Flag Sun Apr 28, 2013
Anna M Brocco, Agent, Williston Park, NY
Thu Jan 13, 2011
Before considering a purchase, do consult with an attorney who specializes in real estate--he/she can best advise.
0 votes
Dan Tabit, Agent, Issaquah, WA
Thu Jan 13, 2011
Georgina,
I'm sure that many other people in your situation have found a way. For someone here to advise you in a public forum may put them at risk, so I don't think you'll find much useful advice.
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