Moving out of country - What are the tax implications?

1 Reply

I'm currently in search of an investment property in the New York area.

I know that as a property owner living in the US I get many tax benefits on this property such as deducting the interest on the mortgage, home depreciation etc.

I would love to be connected with a CPA which could explain to me how / if these tax advantages would play out if I decide to move back to my home country (I am a dual citizen).

Thanks in advance,

Tomer

If you move back to your home country and you continue to maintain your US citizenship, the under US tax laws, generally speaking you would still be subject to tax on your worldwide income. I say generally as this is the general rule, but there are exceptions, particularly treaty based exceptions. In addition, you may qualify for the foreign earned income exclusion, which can effectively exclude certain foreign income.

Highly recommend you consult with a CPA who understands these tax implications and can advise you accordingly.

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