Hi dear experts!
I am new out of USA investor. I have just got my first SFH. in order to get the rent from the PM, I was told, that I should apply for ITIN (otherwise 30% of the profit will go to tax).
I'll really appreciate some info about this process, such:
- How hard is the process? I mean, should I look for a lawyer or special company for that?
-How long should it take?
- How much it should cost?
-Any other tips?
Thank you very very much!
Considering something like 50% of ITIN applications are denied each year, it's advisable to enlist a professional to help.
Also, if you are outside of the US, have you considered that you have to mail in original source documents, not copies. If you don't like the idea of your original birth certificate, passport, etc getting lost in the mail you mail want to google "Certified Acceptance Agents ITIN" in your area. You bring the original source docs to them, they inspect them, then make copies and mail in your application. Way more preferable in my mind to mailing originals across borders.
It is not hard. You should engage with a professional CPA firm to do it for you.
I recommend working with an IRS Certified Acceptance Agent who can certify the documents for you without you having to mail the originals. The turnaround time is also significantly quicker.