Buying and Selling tips for Canadians
and other non-California residents
For years now, people have been purchasing homes in the Coachella Valley. Family needs, retirement, affordability or the lure of dry, sunny, year round weather, are some of the factors leading to selecting the perfect community that complements their daily active lifestyle. However, purchasing property in a foreign country or state may have severe tax consequences when it comes time to buy or sell.
Knowing the U.S.Tax Laws, and how they impact the buying, selling and title legalities associated with land ownership in California is not only a wise decision to make, but also can save you thousands of dollars when the decision to sell occurs.
Michael can help Canadians, US citizens from states other than California, and citizens from all foreign countries decide how best to own their Coachella Valley property. Should I own my property with a trust? Should my wife and I own the house as joint tenants, tenants in common, or some other form? And how will the US and California tax me if I rent the property out, or when I sell the house? Are there ways to minimize the tax I pay?
Michael W. Brooks, an attorney and owner of "Directs" which offers tax services for Foreign Citizens, received a J.D. from American University in 1994, and an LL.M. in Taxation from New York University in 1995. He has developed a highly active practice assisting Americans from states other than California, Canadians and citizens from all foreign countries, navigate the California and US taxes imposed on snowbirds who own local real estate and/or who start local businesses. Michael grew up in Palm Springs, where his father was one of the founding doctors of Eisenhower Medical Center. His family has resided in the area for over forty years.
Michael handles these issues every day. Call him at 760-346-6140 for help.
Michael W. Brooks
41945 Boardwalk Suite A
Palm Desert, CA 92260
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