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by Phillip Townsend
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considering offsetting costs by renting out your foreign home while you're not there or setting it up as a short-term vacation rental. While the extra income can be a big bonus, countries such as Mexico and France have strict eviction laws (in France it can take up to 3 years to evict tenants who decide to stay without paying, unless you demonstrate to the courts that you've found your tenant a suitable similar rental to move into).
7. About taxes. If you make a decision to rent out your property, you will be required to report rental income on your U.S. tax return (you may also be required to do the same with your "new" country of residence). Since the United States has reciprocal tax treaties with dozens of countries, you probably don't have to worry about double-taxation, since any amount paid abroad will be credited against your U.S. tax bill. If you work abroad, you may even be able to sidestep Uncle Sam altogether by qualifying for the $80,000 foreign income exclusion (and by writing off the maintenance expenses on your new home). If you decide to sell your foreign property, be aware that capital gains taxes in some countries can reach as high as 40 percent. I suggest soliciting the help of an international tax specialist for information about your own situation. A top U.S. expert is: Jane Bruno, the author of The Expat's Guide to US Taxes. She can be reached at (561) 222-9273 or via email: janebruno@adelphia.net. Just tell her I sent you.
8. Legal matters. After making your purchase, |
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