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re: Home in Belgium tax question
Posted on 8/13/22 at 9:27 pm to Drizzt
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?
2
Posted on 8/13/22 at 9:43 pm to baldona
quote:
Anything I’m missing here from people with knowledge of European real estate?
I specifically asked people with experience owning a home in Europe for anything unexpected they might have encountered. I’ve seen multiple posts from guys who own international real estate on MT so I thought someone might have some useful knowledge. I’m actually pretty sure that you don’t pay any Belgium income taxes since you are taxed where you are a citizen. Property tax is only $800 a year because Belgium only taxes land value and not structure. Just thought I’d see if anyone here had actually done this.
This post was edited on 8/13/22 at 10:14 pm
Posted on 8/15/22 at 9:27 am to baldona
quote:
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.
You have to try to be wrong on purpose with your hit rate
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