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Home in Belgium tax question
Posted on 8/13/22 at 7:18 am
Posted on 8/13/22 at 7:18 am
I’m looking at buying an apartment in Belgium. Probably stay there two weeks a year and rent out the rest of time. I would definitely be there less than 10% of rental time. I know Belgium and US have tax treaty. Seems like I would be able to report rental income to US for tax purposes, deduct any Belgium property tax and expenses, and not be taxed by Belgium on income.
Anything I’m missing here from people with knowledge of European real estate? Am I better doing this as LLC? Also, would this be a tax nightmare if I included a family member (not wife) on the title? Thanks for your insight.
Anything I’m missing here from people with knowledge of European real estate? Am I better doing this as LLC? Also, would this be a tax nightmare if I included a family member (not wife) on the title? Thanks for your insight.
This post was edited on 8/14/22 at 9:17 am
8
Posted on 8/13/22 at 7:57 am to Drizzt
At 2 weeks I’d rent.
Posted on 8/13/22 at 9:30 am to Drizzt
Have you really thought this through? Why buy a place in a foreign country to only use 2 weeks a year? And who are you going to rent it to? Short term Air BNB type rentals? You are going to have to pay someone to manage and take care of it. What a huge hassle.
Posted on 8/13/22 at 10:51 am to Drizzt
For two weeks a year, renting a home is a much better option at face value. It gives you flexibility to explore different cities within Belgium.
I lived in Belgium for a month in college on a study abroad…awesome experience. Love the country and it sparked an international interest that I didn’t know existed. I also got to taste great beer for the first time and I’m forever thankful for that contribution
What city are you wanting to buy in?
I lived in Belgium for a month in college on a study abroad…awesome experience. Love the country and it sparked an international interest that I didn’t know existed. I also got to taste great beer for the first time and I’m forever thankful for that contribution
What city are you wanting to buy in?
Posted on 8/13/22 at 12:43 pm to Drizzt
quote:
would definitely be there less than 10% of rental time.
So it's not a rental, it's an Air BnB. Who exactly is going to manage this while you live in the USA? Like what if i kick holes in all the walls and steal everything. How you gonna know?
Posted on 8/15/22 at 9:39 am to Drizzt
I hope the Belgian government forces you to take in refugees
Posted on 8/15/22 at 10:13 am to Drizzt
quote:
Seems like I would be able to report rental income to US for tax purposes, deduct any Belgium property tax and expenses, and not be taxed by Belgium on income.
I have not researched it, but my impressions are this:
1. As a US citizen, you have to report 100% of all income earned wherever. So you report Belgium rental income (less deductions).
2. Belgium would also tax your Belgium rental income, but not your other income (because you aren't in their country long enough).
3. You get a foreign tax credit on your US return for any income taxes paid in Belgium to avoid (or significantly reduce) the double taxation of your Belgium rental income.
Posted on 9/6/22 at 1:57 pm to Drizzt
quote:I've actually considered starting a Podcast about how to buy a second home abroad.
Anything I’m missing here from people with knowledge of European real estate?
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