Q: If I have
a mortgage on my house of residence and use the
money to purchase a rental/investment property
in the United States, may I deduct the interest
on my United States tax return?
A: No, you may not take the mortgage
interest as a deduction. The mortgage must be
on your rental/investment property.
Q: What tax would we be liable
to pay if we sold our rental/investment property?
A: Calculating the tax due
on the sale is very complicated and must be
specifically and individually addressed on a
situation by situation basis. Factors dependent
upon such calculations include (but are not
limited to) how long you owned the property
before the sale, how many days (per year) it
was rented in comparison to how many days you
personally spent in the property (per year),
how much depreciation you have taken on the
property in prior and current year, what method
of depreciation was used and what "tax
bracket" you are in. Sadly, with the sale
of rental property: there is NO "rule of
thumb".
It is EXTREMELY important that you seek competent
tax advice from a qualified CPA, a licensed
tax professional to calculate that gain.
Q: How much does Hess & Hess CPA’s, P.A. charge for
my United States required tax filings on my
United States rental/investment property?
A: Please call us for more
information.
Q: How do I write a United
States check?
A: Here is an example:
- Date - the date the check is written
(cannot be a future date)
- Maker - person/business who writes the
check - the name will be printed on the
check
- Payee - person/business to whom the check
is written
- Signature line or lines - two or more
signatures can be required on a check
- Written amount - the amount written in
numbers
- Legal amount - the amount written in words
- Check number - which is printed on the
check and appears in the MICR line on the
bottom of the check
- Banking information - both the name of
the bank and the American Banking Association
number appear on the check
- Account and routing numbers - appear on
the bottom of the check in MICR line.
FREQUENTLY
ASKED QUESTIONS