RE taxes for foreigner living within the US
Hello BPocketters! I came from Mexico 10 months ago and I'm living in WA state since then. I'm under a tourist visa in process of adjustment of status. I'm very excited to start this endeavor and I'd like to go out and start analyzing deals.
The situation is that I went to an IRS office to get an ITIN number and told them that I am getting SSN in a couple of months. The person on the desk told me that it would not be convenient then for me to get the ITIN because by the time it is processed
Since I am a newbie in RE and with American laws I have some question I need help with:
1. Does anybody know if I need to have an ITIN or SSN by the moment I buy, sell or rent RE in America? Do I need to set it up before making any deal or can I just go and make it?
2. Could anybody explain me in which moments taxes get involved during the process of buying and selling, assigning contracts and renting?
3. When do I have to pay and/or file taxes and what kind of taxes?