All Forum Posts by: Steve R.

@Dustin Blackmon thanks a bunch

Hi. 

Looking to replace roof on one of my rental properties in San Antonio. Looking for an economical option, nothing extravagant. Could y'all please recommend a roofing company whom you have used who came out with the best bid and did a decent work?

I am also looking to see if patch work could be done instead of full replacement. So a company which could do both would work best for me

Thanks,

Steve

@Lance Lvovsky

Thanks. Yeah thats the option I am trying to explore to see if i can treat it as ECI without establishing LLC as there are complications in India for foreign business entities.

Thanks Lance.

As I mentioned I am not really worried about estate planning right now, because I might be back in US (for good) after few years time when I decide to sell this property or gift it to my children. 

My main concern is the taxation on the rental income when I become a Non Resident Alien. 

Atleast if they let the property tax to be subtracted from the rental income when applying 30% taxation it would be a good relief. 

Interesting video with regards to the speculative location (between Hutto & Taylor) :
https://www.youtube.com/watch?v=L5WKHRiAtEI

I am selling all the high value properties before leaving country. The ones that I am holding are relatively cheap but they are giving me really good cash flow (Combined value for these 2 properties is less than 200k but rent I derive from these 2 in total is around 2.5K). Thats why I wanted to hold on to these properties so that it would provide me good cash flow. But the taxes seems to be the issue I have to deal with.  

Thanks Basit. 

The country I am moving to (India) has DTAA (Dual Tax Avoidance Act). So if I pay taxes on my rental income here I don't have to pay taxes in India. If I treat the income as ECI, will I be paying taxes in USA on net income (after PITI + management fees _ expenses)) I earn here?

If I don't pay taxes here, I will have to pay 30% tax on Foreign earned income in  India which would kill my cash flow as well.

Hi,

I am currently a Resident of Texas and have 3 rental properties (+ 1 primary home) in Texas and have 1 rental property in Alabama. I am neither a citizen or a green card holder. I will be moving to out of country due to personal reasons. I am planning to sell my primary residence and 2 of my investment properties in Texas before I move out of the country. The remaining 1 rental property in Texas and 1 rental property in Alabama is giving me excellent cash flow now. I was reading up on the tax implication if one becomes a non resident. I read that there would be a flat 30% tax on the rental income if one becomes a Non Resident Alien. Is that 30% on the (rental income - property tax) or the full rental income ? Will I be eligible for any deductions from the rental income?

I thought of establishing a LLC and treat the income as ECI but there are complex tax implications in the country I am moving to if I own a foreign business entity. So that might not be an option, but I have to still explore it a bit more.

Is there any other option for me to reduce the tax burden? 

Thanks,

Steve

Rumors has it that it would be Hutto or Taylor Tx since those 2 were in the running for the 5 billion Tesla battery manufacturing facility which eventually went to Nevada.

@Mies StOur valued customers,

We are halting our curbside pickup due to overwhelming response on the text orders. We will inform once we haver caught up and can start service again. We are going to charge min of $10 service charge for pulling the order as well. Your better bet is to come to store and collect items you like. Thanks for your patience as we all figure out how to navigate through this difficult times. Stay safe and big thanks to all hard working employees at Gandhi Bazar for keeping store well stocked, cleaned and door open for you to shop. They are putting their life at risk to serve the community. Great Job Team Gandhi Bazar.anley