RE taxes for foreigner living within the US

[Jose Lira]

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?

[Bruce Lynn]

Are you paying cash?  If so you don't need any number to buy.

If you are getting financing then you want to figure out what your lender requires.

Probably SSN, but occasionally ITIN can work, but very restrictive standards if they allow.

If you sell you want SSN, otherwise the title company I believe will hold 20% of the proceeds and remit to the government, then you have to file tax return to get it back or the balance left over after taxes.

For taxes you want to always check with your CPA.....you want to make sure to pay all the taxes due if you are not a citizen as it could affect your visa or transition status if you don't.