Our Services
Our primary objective is to assist owners to navigate the compliance requirements of owning rental property in the US.
When engaging our services we will start the process by requesting details of the property (ies) owned by yourself and any co-owners, and checking the recorded warranty deed(s) to ensure that the correct ownership details have been recorded.
If you do not yet have ITIN’s issued we will advise you on the options available to you to obtain them – determined by your country of residence and current ownership position – and the items needed from you to enable us to submit an application to the IRS on your behalf. Each owner listed on the deed must have an ITIN.
In order to file your initial Tangible Tax return to the local County Appraisers office we will ask you to provide copies of receipts for furniture and appliances purchased by you to place in the property, or assist you with making an estimate of the value of items included in the purchase.
We will also require a copy of the settlement statement provided to you at closing, so that we can ensure that all allowable costs paid by you are included within your tax calculations.
We will make an initial filing to the Bureau of Economic Analysis (BEA) to report your ownership interest in US business property. This is required by law and stiff penalties apply for non-filing.
We will also request a form of photo ID for each owner and signed authorization forms allowing us to make certain filings on your behalf, or to request information on your behalf from third parties.
Annual Service
Our main service is the preparation and filing of your income tax returns each year to the Internal revenue Service (IRS). Where your property is located in one of the States requiring a State income tax return filing we will also prepare this.
Optional Services
(As most of our clients own rental property in Florida the information below is specific to that State)
Applicable to Long and Short term rental property
Local Business Tax receipt application filed to the local County Tax Collectors office where required.
Applicable to short term rental property only.
Application for Sales and Use Tax account filed to Florida Dept of Revenue
Application for Tourist Development Tax account filed to the local County Tax Collectors office
Hotel License application filed to Florida Dept. of Business and Professional Regulation.
The above items are commonly handled by your management company, but not in all cases. Please contact our office for assistance if not covered by your management company.