Do I need an ITIN for wholesaling from overseas?

7 Replies

Hi, I'm planning another trip to the USA this year, and will be specifically looking for property to wholesale during my trip.

At this stage I'm not looking to start an LLC until I've completed several deals.

Could someone please advise if I'll need an ITIN or TIN for the escrow agent/Title company to release funds to me when the transactions are complete?

Thanks.

Hi Guys,

Do I have this question in the correct forum?

Hi @Scott Willoghby  

If you are looking to do back to back closings, then the title company will need ITIN or EIN at the closing to report to IRS. I work with some overseas investors and they have used this company:

http://www.filingsmadeeasy.com/

I don't have any affiliation with this company, but they work with a lot of overseas investors in getting EIN set up for them.

You might be better off getting an LLC set up as it's easy and inexpensive and will also make getting EIN set up easier.

HI Sharad,

Many thanks for the info, and the link. I'll give them a call in the next week or so for a chat to see how I go about getting a tax number . . and what the costs are associated with setting up an LLC.

Appreciate your help.

Regards,

Scott

Scott,

As for the cost associated with setting up an LLC, it depends a lot on which state you choose to incorporate. I have my LLCs in Indiana and it cost about $85 to form an LLC.

As for the fee to get EIN, the company that I posted link to charges $30 to get EIN from IRS.

Let me know if you have any more questions.

Sharad

HI Sharad,

Those fee's seem very reasonable, may I ask what the cost of filing a tax return for the LLC each year is . . . let's say (unlikely) I don't use the LLC, what fee's would need to be paid & who to (CPA, IRS etc) ?

Scott

Yes, those fees are very reasonable, IMO.

There is no separate cost to filing a LLC return. If you are the only member in the LLC, then you don't even need to file a LLC return, because for tax purposes, it is a disregarded entity.

As for more details about tax situation and fee, I would ask a CPA or an attorney.

Join the Largest Real Estate Investing Community

Basic membership is free, forever.