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Merlo
Merlo, Accountant
Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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Re Aquisition of property in foreign countries. Exactly what

Customer Question

Re: Aquisition of property in foreign countries. Exactly what is the tax implication. If wife files separately in USA and the husband is subject to taxation in his own country. But the property is in neither country. Part of the monies come from each. What can this involve?
Submitted: 5 years ago.
Category: Tax
Expert:  Merlo replied 5 years ago.
Hello taxation,

If the wife is a US citizen, then she is subject to US tax on her income worldwide. She has the choice of filing a separate return on her own or filing a joint return with her spouse.

If the properties in the foreign country are strictly in the name of the husband, and if the husband is not a US citizen and does not file a joint return with his wife in the US, the none of the income generated from the properties would be reportable by the wife. If her name is XXXXX XXXXX a joint owner of the properties, then she would have to report her share of the income from the property, regardless of where the property is located.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you taxation.

Customer: replied 5 years ago.
Not yet clear enough. This country forceably will include the wife's rights for all property purchases; by law both spouses will be included whether her name is XXXXX XXXXX buyers contract or not. Now if wife's name does not appear on the written document as this is possible, will wife be liable to taxation in USA for the foreign property?
Expert:  Merlo replied 5 years ago.
Hello taxation,

Can you please elaborate a little more on just what type of investment property this will be and what type of income it will be generating?

Will the income from the property actually be paid to the husband alone or to both the husband and wife jointly?

Customer: replied 5 years ago.
Apartment property - with income of $1,200 - $1, 500 monthly, or it could be sold for profit turnaround and reinvestment in land property only. Second apartment purchase has no income, it is for personal use.
There has been no income gain thus far. Purchase was in 2008 with fix-up problem. This was an investment from wife's inheritance. If you wish to call me: (NNN) NNN-NNNNroom 419. Investment on trading market were falling so the purchases were done to cover the loss. Let me know if you will call pls.
Expert:  Merlo replied 5 years ago.
Hello again taxation,

I apologize, but under the terms of the JA website we are not allowed to communicate with the customers other than through this forum.

But due to the nature of your question, I believe it will be better for me to put your question back on the open board to see if there is another expert in the forum who might be more familiar with international tax issues, who can address your specific situation.

In the meantime, simply do not hit the Accept button, and the deposit you made will remain in your account until you receive an answer.

Once someone has responded with an answer, you will receive an email notification from JA.

Customer: replied 5 years ago.
I must step away for 1/2 hr for dinner. Then will return. Perhaps I need to supply JA with more detail.
If you need more time I will be also be here in the morning early. I lam willing to reply to any question. I can tell you the investment was around $205,000 from Wife's side.

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Merlo
Merlo
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25+ years tax consulting. Specializing in returns for US citizens living abroad