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re: Home in Belgium tax question
Posted on 8/13/22 at 3:12 pm to j1897
Posted on 8/13/22 at 3:12 pm to j1897
My sister married a developer there. He is building in the museum area of Antwerp and offered to sell us a unit at cost. My father and mother will use it to visit. Sister can manage it for me. I expect the property to appreciate significantly as there is a huge park being built across the street and it’s a prime location. Planning on 28 day minimum AirBnB rentals when not in use. Met a guy there who does this there and says he is always booked.
Didn’t want to give a huge story but a lot of people seem to be focused more on why I would buy instead of my original question of what are potential tax issues. Taxes is my main question.
Didn’t want to give a huge story but a lot of people seem to be focused more on why I would buy instead of my original question of what are potential tax issues. Taxes is my main question.
Posted on 8/13/22 at 5:06 pm to Drizzt
quote:
Didn’t want to give a huge story but a lot of people seem to be focused more on why I would buy instead of my original question of what are potential tax issues. Taxes is my main question.
Seems like you might want to ask a tax attorney in Belgium and one in US… not some dudes on the internet if you were serious about this
Posted on 8/13/22 at 5:28 pm to Drizzt
quote:
Met a guy there who does this there and says he is “always”booked.
“Always” seems unrealistic.
Posted on 8/13/22 at 9:27 pm to Drizzt
quote:
My sister married a developer there. He is building in the museum area of Antwerp and offered to sell us a unit at cost. My father and mother will use it to visit. Sister can manage it for me.
Why would she? This is likely a bad idea. If it’s a rental actually staying busy and making money it’s not a 30 min a week type of thing, it could be a huge pita for her if her husband is making enough money to sling you a deal ‘at cost’.
I don’t know how international taxes work with belgium but my general understanding is the US doesn’t give breaks for international income so you have to potentially pay anything owed to Belgium Plus US taxes.
I’m not sure how US tax code is on international vacation rentals. I’m assuming it would be more taxed as just an international business income?
Posted on 8/15/22 at 9:09 am to Drizzt
Hell that changes things - do it, but wait to pay until it’s mostly built. Don’t get trapped in a family construction quagmire.
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