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Foreign Investment in Tennessee Real Estate Creates Tax Questions

Foreign investment in Tennessee (TN) real estate continues to rise. It seems that foreign investors have a healthy appetite for a variety of real estate, including apartment buildings, single family homes, and commercial buildings. With the new growth in the US real estate market, this investment stands to increase in the coming years.

But many foreign investors don’t understand the tax issues that accompany foreign possession of properties in US real estate. The many queries they need to have answered are inclusive of the following (among others):

  • How am I taxed federally?
  • How am I taxed at the state level?
  • When are the tax returns to be submitted?
  • Are there any elections that need to be filed?
  • How do I get a tax ID #?
  • How much does it cost to file the returns?
  • Are there any tax strategies that I can apply to reduce my tax bill?

Foreign investors in Tennessee real estate have countless issues that need to be tackled. It has been our experience that many CPA firms and tax professionals just are not familiar with these concerns, and often have difficulty addressing them. We address our foreign client matters by using a three step process.

First, we review and discuss the tax structure for the client and determine if there needs to be a modification to the tax structure. This is done to increase the potential of lessening the overall tax bill and even possibly to reducing the red tape and filing constraints.

Next, we review all of your relevant tax documents, and we can also coordinate with your real estate property management company to obtain important income and expense information for your real estate investments. The goal of this process is to save you time and ensure that the filing is efficient. It is not unusual for clients to have lost receipts and other tax files. We make sure to preserve and assess your settlement statements and any other related documents.

Lastly, we finalize your TN state and federal tax returns and review the results with you. We again evaluate your situation to ensure that you are maximizing your tax deductions and minimizing your tax burden. All situations differ, but our ultimate goal for each of our clients is to lower your tax bill and make sure that your returns are reviewed for “red flags”.

We help foreign clients who have purchased real estate throughout the state of Tennessee. We have a team of tax specialists that can help you every step of the way. Do not be alarmed of the IRS or the state of Tennessee. There are numerous opportunities at your disposal.

Any CPA or accountant can aid you in organizing your tax documents, but too many of them are not competent in dealing with foreign investors.

You need an experienced firm who is knowledgeable in dealing with these matters. Call us today at 480-361-9400.

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