• International Tax Matters

  • ITIN? What's That?

    Not to be confused with your property taxes, are your individual income tax returns, payable to the IRS.

    Each year we have to submit returns to the U.S. government for any owner making more than $600. In order for us to do this, and in order for you to submit your return, you will need a tax identification number. For those of you in the U.S. this may be your SSN or LLC/INC. number and you probably know what to do.

    For overseas owners, unless you are a U.S. citizen you must obtain an ITIN (International Tax Identification Number). Your management company needs to know this number in order to submit our returns. You need to apply asap as it takes some time for the application to be processed and you can't even sell your condo without your ITIN. You may also be subject to withholding by us if we are unable to provide the IRS with your number. Please visit this website for more information.

    Help-With-Tax-Questions-International-Taxpayers

     

    FIRPTA - More acronyms...

    If you're an international owner, you will likely have an IRS witholding at the point of sale, unless you have an exemption certificate.

    For more information, check out this IRS link.