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US Taxes on Singapore Property for Green Card Holder

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cupcakez
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US Taxes on Singapore Property for Green Card Holder

Post by cupcakez » Fri, 13 Jan 2012 3:42 am

Can someone offer me help on US taxes? I am a green card holder residing in US. I am thinking of buying a private property in Singapore and rent it out. Will I be taxed by the US for the rental income? And also subsequently any profit made from sale of property? How much will I be taxed? Also, it is absolutely necessary to declare the purchase of a foreign property and rental income to US taxes?

Thank you!

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JR8
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Post by JR8 » Fri, 13 Jan 2012 3:57 am

Yes
Yes
Jesus you live there. Do we look like US tax experts?
Yes!

My advice, don't even consider it. You are clearly well out of your depth.


:roll:

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zzm9980
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Re: US Taxes on Singapore Property for Green Card Holder

Post by zzm9980 » Fri, 13 Jan 2012 8:53 am

cupcakez wrote:Can someone offer me help on US taxes?
Yes, I use:
http://www.pwc.com/sg/en
But These guys are good too:
http://www.ey.com/SG/en/home

I am a green card holder residing in US. I am thinking of buying a private property in Singapore and rent it out. Will I be taxed by the US for the rental income?
Legally Yes. The IRS would tax you for this forum post if they could quantify how much the advice received was worth to you.

And also subsequently any profit made from sale of property?
Legally Yes: http://bit.ly/xuIG17

How much will I be taxed?
Rental income is income, so whatever your income rate is. Profit on sale is capital gains.

Also, it is absolutely necessary to declare the purchase of a foreign property and rental income to US taxes?
Only if you want to avoid going to prison and can't afford a a good tax accountant to find you a loop-hole. (see URLs above)

Thank you!

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Strong Eagle
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Post by Strong Eagle » Fri, 13 Jan 2012 11:57 am

Bottom line, Americans are taxed on world wide income. End, period. Earned income may be subject to certain exclusions. Passive income like rental income has no exclusions.

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