Las Vegas real estate agent Michelle Sterling
Michelle Sterling, ABR
Las Vegas Real Estate
Berkshire Hathaway Home Services
Nevada Properties ®

7475 W. Sahara Ave.
Suite 100
Las Vegas, NV
89117

click-to-call from the web
Toll-Free: 888-349-2595
Direct Line: 702-349-3009

Email: info@mslasvegasrealestate.com

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The Michelle Sterling Las Vegas Real Estate Team Featured by:


For Our International Buyers

Are you an International Buyer of Las Vegas Real Estate?
Do you need information on buying a home in Las Vegas?
Let us help!

Foreign investment in United States real estate is on the rise after a decline in the early 1990s. Certain states have attracted an out sized portion of these overseas investments. Among them are Florida, California, New York, Arizona and Nevada.

What follows is a very brief and very general discussion of just a few of the issues that foreign nationals need to consider as they contemplate a residential real estate purchase in Las Vegas, Nevada.

Let us stress emphatically that none of this information is intended to be specific tax or legal advice of any kind. MS Las Vegas Real Estate does not purport to have expert knowledge in international real estate law and/or IRS rules and regulations pertaining thereto. This is simply a general primer on the subject that barely scratches the surface. It is ill-advised (to say the least) to purchase United States real property as a foreign national without the expert advice of both attorneys and accountants who are fluent in this area.

Foreign nationals can freely buy United States residential real estate for their own personal use as a residence, either in their own names or through corporations or trusts, without having to report the purchase to any government agency. But after that, almost anything other than purely personal use of the property can trigger a myriad of State and Federal government filings.

The United States Internal Revenue Service announced new and stricter rules effective November 3rd 2003 requiring foreign nationals to obtain a U.S. taxpayer identification number in advance in order to lease, sell or finance U.S. real estate without punitive tax consequences. These IRS regulations mandate that all foreign individuals, corporations, partnerships and trusts must first acquire from the IRS an "international taxpayer identification number" (ITIN) before filing any other documents with the government. If filed without an ITIN, the foreign national's paperwork will be rejected as incomplete.

The IRS can sometimes be rather slow processing the applications for taxpayer identification numbers from foreign nationals. The instructions to the application form (IRS Form W-7) state it takes four to six weeks following application to assign an ITIN, but many tax professionals say the time is more like three months minimum.

Under a 1980 tax law called the Foreign Investment in Real Property Act (FIRPTA), all rents, sales proceeds or other income received by a foreign national from U.S. real property are subject to withholding for U.S. income taxes.

As a general rule, when any U.S. real property interest is sold by a foreign national, the buyer and the buyer's closing agent are both required to report the sale to the IRS and collect from the foreign seller 10 percent of the gross sales price for payment of taxes.

The intent of FIRPTA is to prevent foreign nationals from making profits from selling, leasing or financing U.S. real estate and expatriating the proceeds before they can be taxed in this country.

As we said in the beginning, foreign nationals buying United States real property will need to be advised and assisted throughout the transaction by expert attorneys and accountants.

The MS Las Vegas Real Estate team is fully prepared to do our part in assisting foreign nationals with the purchase of Las Vegas real estate. When the lawyers and accountants get everything straight, the next thing you will need is a Realtor that understands the market for Las Vegas homes inside and out. You can depend on our expertise in the Las Vegas residential real estate market to provide the critical link that makes a successful long-distance transaction possible.

How so? We will work and communicate with you in our time zone and yours until you have the Las Vegas home that best fits your acquisition parameters. Please feel free to put our professional real estate skills to the test.

A LAS VEGAS REALTOR IS STANDING BY FOR YOUR CALL

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IMMEDIATE ANSWERS TO YOUR QUESTIONS
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