bman466 wrote:i am a british citizen and have an american gf who is studying as a student in the uk, i wish to buy a property in america and rent it out to help pay for our fees here in the uk, so my questions are
a/ is it possible for me to buy property there as a foreigner
b/ can i take the rent money out of the US
I would probably ask you, why in America and not in the UK where you physically are (there benefits to owning rental properties close to where you live), but I'll try to answer your questions first:
a) it is entirely possible and is widely practiced;
b) what do you mean?
i) if you mean physical cash - of course, no problem;
ii) if you mean tax issues, generally you are supposed to pay U.S. taxes on any income earned in the U.S., and you would have to file form 1040-NR (non-resident) for that by April 15th of the year following the calendar year of the income reported. However, given that UK and US have dual taxation treaties, you may want to see what options are available to you as a British citizen. If the amounts are large, it's best to hire professional counsel.
