[kilbarchan]

Hi. I've bought a house in California which I use for approx 90 days/ year and now want to rent it out as vacation rentals/ ski lease when I"m not there
Didn't realise taxation would be so complicated. Does anyone know the best way to set this up . Have been told to avoid paying straight 30% tax as a non resident , to have this as "related business activities" or LLC .
Seems it also has implications for resale and any capital gains.
Anyone have any advice how to best set this up for renting.The rents will only be around 12,ooo$ / year - not even sure with if the costs/ tax will be worth it.
Thanks

 

[jsharbuck]

An LLC to set up will require an attorney NAND will cost thousands of dollars. From there you are entering tax purgatory with all sorts of tax reg and filing. The US IRS will be a part of your life and trust me they are looking for any and all reasons to deny you paying taxes.

 

[Davis1]

You requirew an ITIN ... http://www.irs.gov/Individuals/Individual-Taxpayer-Identification-Number-(ITIN)

you will need oroperty managers they should assist you with that

 

[twostep]

An LLC to set up will require an attorney NAND will cost thousands of dollars. From there you are entering tax purgatory with all sorts of tax reg and filing. The US IRS will be a part of your life and trust me they are looking for any and all reasons to deny you paying taxes.

$79 in Delaware.