All Topics / Overseas Deals / US tax return help -Aussie with US property investment

Viewing 11 posts - 1 through 11 (of 11 total)
  • Profile photo of ivancivanc
    Join Date: 2012
    Post Count: 6

    Hi All,

    I need some advice from experienced members who have purchased a property in the US and have lodge their tax return in the past. I have called around a few accountants who can do tax returns for US properties, but they do charge an arm and a leg! one qouted me $2100 to setup the partnership, EIN and ITIN, and individual returns for two for 2011 year and $1300 every year after. another one quoted me for $1400 each for individual return without partnership and $1000 every year after.

    Here's my situation:

    -We purchased the Condo in Miami, back in 2011 and settled and rented out sometime in November last year.

    -The Condo was purchased with cash we have financed  from savings and equity from our Australian property.

    -The condo was new when we purchased since no one have lived in it before, but the building is about 4 year old with most of the units been already occupied.

    -The Condo is under me and my wife's name.

    -Our plan is to sell it within next year when we are happy with the capital gain.

    -I stopped working full for about 4 months ago starting a business, not yet making a positive return(reduction the capital gain?)

    So I want to know how you structured your tax return in US? if you have used a accountant, and are quite reasonable, please give me some contacts.

    any help would be much appreciated I am still very confused after a day of research and calling around.

    Profile photo of Nigel KibelNigel Kibel
    Join Date: 2005
    Post Count: 1,425

    i recommend you speak with Donna Shaw she is a us tax accountant who lives in Melbourne. Her number is 0412260758. She is very good.

    However its worth pointing out if you are going to invest in the United States it is important that you look at more than one property otherwise it can be expensive to look at professional services.

    Nigel Kibel | Property Know How
    Email Me | Phone Me

    We have just launched a new website join our membership today

    Profile photo of ivancivanc
    Join Date: 2012
    Post Count: 6

    Thanks Nigel for your referral, I will have a chat to her next week.  yes It is quite expensive for to get the accounting done for just the single home. If we looking at refinancing the the property and use the equity to purchase another one do you know of any financial institutions that will lend to foreign investors?

    and the likely taxation structure to go about this?

    Thanks in advance.

    Profile photo of Texas Cash Cow Investments AustraliaTexas Cash Cow Investments Australia
    Join Date: 2011
    Post Count: 71


    I can also back up Nigel's referral to Donna Shaw who is based in Melbourne. Not sure exactly where your from but you might also find this list useful

    Profile photo of ivancivanc
    Join Date: 2012
    Post Count: 6

    I am from Sydney, I am not sure the whole process needs to be face to face consultation of if it can be done over the phone.

    Profile photo of biggaz13biggaz13
    Join Date: 2011
    Post Count: 62

    Hi Ivanc

    We used:

    Daniel Mitchikoff, CPA, FTIA

    Director, Expatriate Taxation Services Pty Ltd

    Mobile 0421 058 767 (Australia)

    Email [email protected]

    We have 2 properties.

    All done via email.

    From memory it cost around $500. Cheaper in subsequent years.

    All the best.

    Profile photo of FacilitatorFacilitator
    Join Date: 2012
    Post Count: 14


    It can be best sometimes to use a family trust as the member of yourt LLC to own US property. That way you can split income and take advantage of the new $18,200 tax free threshold for any beneficiaries. Only adult children can use this though, minors are taxed heavily. As for the US tax i can recommend my accountant or several others in the Florida or Texas areas.

    I recommend using financing to increase your property position over in the US, <moderator: delete advertising>


    Profile photo of casperamcasperam
    Join Date: 2012
    Post Count: 5

    I had a recommendation for Christine and my returns are being compiled as we speak 2 for less than $500

    Christine A. Bombard, CPA

    Bultynck & Co., P.L.L.C.


    15985 Canal Road

    Clinton Township, MI 48038

    586-286-7300 Phone

    586-286-9986 Fax

    586-747-5217 Cell

    [email protected]

    Profile photo of Big JohnBig John
    Join Date: 2013
    Post Count: 13

    Thanks All. I am right for tax returns but what about someone who can give advice on structuring your affairs to minimise tax? The people I've been referred to so far charge an arm and a leg.

    Thank you.

    Big John

    Profile photo of TerrywTerryw
    Join Date: 2001
    Post Count: 16,213

    That is the trouble with international investments. This is a very complex area and you must expect to pay for this extra complexity. You need someone with a masters in tax, as the average tax person wouldn't know much.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide)

    Profile photo of SamDanielsSamDaniels
    Join Date: 2013
    Post Count: 10

    I can second Casper's recommendation for Christine at Bultynck and Co. She does most of my returns and is diligent, sharp and responsive.

Viewing 11 posts - 1 through 11 (of 11 total)

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