Hello, I am a US citizen living in Denver who would like to invest in properties in Denver with my siblings who live abroad. Need a referral of a CPA familiar with setting up an LLC and helping me determine how my siblings will participate in profit sharing.
Are the siblings living abroad US citizens?
When dealing with foreign investors, you want to work with a tax professional who understands international tax concepts such as FDAP(fixed, determinable, annual periodic), ECI(effectively connected income) and various Tax Treaties between the US and other countries.
There may be withholding requirements on these foreign investors. Failure to do so may result in a liability on the partnership/general partner.
Hello Basit, thanks for your quick reply. My siblings are not US citizens . Regards, Celia
Hello Basit thanks for your reply. My siblings are not US citizens.
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