My question is: can I simply write a personal check with say, $150,000 USD for the down payment from my checking account? Probably not, but it has nothing to do with tax law. Rather, I think transfer of funds out of the country is more complicated than that. When I was administering an estate that had foreign legatees we had to do conversions to checks issued in the foreign currency. At the amount you mention I think there is also some reporting to Treasury about the movement of funds. In any event, your banker can advise you on process and required reporting.As for the tax law end, make sure you keep a record of the USD amount you paid for the property. You'll need that should you sell sometime down the road. There are no special restrictions on mortgage interest and real estate taxes just because the property is out of the US. You just need to do currency conversions.PhilRule Your Retirement Home Fool
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra