mkikarea, Home Buyer in Staten Island, NY

purchase propertiy by ex-patriot via US bank account,is it allowed what are the taxes

Asked by mkikarea, Staten Island, NY Wed Apr 17, 2013

ex-patriot from Europe with visa,I have whole amount in an American Bank account to purchase a home($200.000) Am I allowed to own property in US what taxes must I pay.

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7
Joseph Runfo…, Agent, Staten Island, NY
Sat Jun 8, 2013
Over the past year, Canadians accounted for one quarter of foreign home buyers, and buyers from China, Mexico, Great Britain, and India accounted for another quarter, according to the National Association of Realtors. Under FIRPTA, a buyer must withhold 10% of purchase price if the seller is a foreign person. No withholding is required if the seller is a U.S. citizen; green cardholder (lawful resident); or resident alien (meets either the physical presence test—present in the U.S. for at least 183 days in the current calendar year; or the substantial presence test—present in the U.S. for a weighted average of 183 days over three years). Foreign buyers must acquire a U.S. taxpayer identification number (TIN). Waiting until the time of sale to obtain a TIN may cause difficulty recovering money withheld pursuant to FIRPTA.
0 votes
Edward Perlin, Agent, Staten Island, NY
Tue Jun 4, 2013
FIRPTA withholdings is not required by a purchaser if property is used as a residence and a price is $300,000 or less or when the purchaser receives a statement from the seller that the seller is a not a foreigner.
0 votes
Joseph Runfo…, Agent, Staten Island, NY
Tue Jun 4, 2013
Any foreign citizen wishing to buy in NYC should know about the FIRPTA (Foreign Investment in Real Property Tax Act), which applies when you're ready to sell. There are currently proposed changes to the 1980s tax policy called the Foreign Investment in Real Property Tax Act, that would exempt foreign pension funds from paying taxes on gains from real-estate sales. Purchasers of real property interests are required to withhold tax on payment for the property. Withholding may be reduced from the standard 10% to an amount that will cover the tax liability, upon application in advance of sale to the Internal Revenue Service. FIRPTA overrides most nonrecognition provisions as well as those remaining tax treaties that provide exemption from tax for such gains.
0 votes
Fred Herman, Agent, Staten Island, NY
Sat Jun 1, 2013
Yes. the taxes are the same as if you were a citizen.

you need proof of funds from a us bank or major international bank, i.e. Citibank, HSBC, when you submit your offer.

Fred Herman
Founding Member SIBOR-
International Real Estate Committee

347-693-4580

http://gettingthebestprice.com/buyers.php
0 votes
Edward Perlin, Agent, Staten Island, NY
Wed Apr 17, 2013
You are allowed to own and the taxes is the same for you or US citizen or somebody who has a "Green Card"
Annual tax bill for this condo is $1,947.
0 votes
Aleksandr Ch…, Agent, Staten Island, NY
Wed Apr 17, 2013
You better discuss this with your tax advisor
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Apr 17, 2013
For any necessary legal and tax advice, it's in your best interest to consult with an attorney....
0 votes
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