Accounting & Post-Closing Services
Luker Properties Group was founded in 2006 and through the present, our primary services have focused on real estate, property management and vacation rentals. Through our expanded growth, relationships with clientele and partnerships with local businesses, in 2012, Luker Properties Group (LPG) began offering additional services surrounding the needs and wants of our clientele. Specifically, we now facilitate a fully-licensed and insured tax, accounting and licensing service to provide a seamless experience regardless of your real estate goals.
Meet Ghada Abdelkhalek, LPG’s Certified Public Accountant. Ghada has many years of experience working with real estate clients and has vast knowledge when it comes to foreign owners of real estate in the USA. With Ghada’s expertise and LPG’s resources, we are able to offer a service which is second to none.
Individual Tax Identification Number (ITIN) applications
As a foreign individual owning U.S. property, you must have an ITIN registered with the IRS. Each person on the title of the property must apply for and obtain one before or upon completion of the real estate transaction. As a Certified Acceptance Agent (CAA), we are able to compile all documentation received from you and certify it in our office before sending it to the IRS for processing. As a CAA, we must also go through mandatory compliance reviews and adhere to existing and newly implemented quality standards. These requirements are designed to strengthen the ITIN program and improve service to both Acceptance Agents and their clients.
Annual filing of tax returns for both individuals and corporations
As the owner of a U.S. property, whether in your personal name or business entity, you must file your annual tax returns. There are many benefits to file your annual returns. There is a common misconception that if you did not receive any profit on your investment property then you do not need to file. Hopefully your property is not losing money but if it is, loses can be carried over year on year and may ultimately benefit you when the day comes that you decide to sell the home. U.S. tax laws are very intricate and should be taken seriously. Filing your returns yourself is allowed but we do not recommend it. Due to the depth of the tax laws, using a licenced CPA like ourselves is strongly advised.
Employer Identification Number (EIN) for business entities
Many foreign buyers decide to own U.S. property in the name of a company(LLC’s, Corporations, etc.). You may apply for an EIN if your principal business is located in the United States or U.S. Territories. The person applying online must have a valid Taxpayer Identification Number (SSN, ITIN, EIN). Employer Identification Numbers are issued for the purpose of tax administration and are not intended for participation in any other activities (e.g., tax lien auction or sales, lotteries, etc.). In order to apply for an EIN, you must first legally register your business with the State. LPG can assist with this process also.
Assist with IRS audits
As a taxpayer in the U.S., you are open to random audits of your personal and business accounts. It is critical in an audit that everything is prepared and organized the right way in order to protect you against any potential fines and penalties. If you have received a notice from the IRS, please contact us immediately.
Foreign Investment In Real Property Tax Act (FIRPTA)
The disposition of a U.S. real property interest by a foreign person (the transferor) is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding. FIRPTA authorized the United States to tax foreign persons on dispositions of U.S. real property interests.FIRPTA mandates that 15% of the total amount realised by the foreign seller be withheld. There are special rules for foreign corporations and there are exceptions from FIRPTA withholding which will be looked at on a case-by-case basis. For more information, please visit https://www.irs.gov/individuals/international-taxpayers/firpta-withholding or request a free FIRPTA consultation with our CPA.
Last Will & Testament Preparation
LPG have teamed up with an experienced attorney to assist our clients with the creation of their Last Will & Testaments. We always advise our clients to seek legal advice as to whether a will is needed for their estate. It is something that nobody likes to discuss but we feel that it is one of the most important things to have. If you would like to discuss further with our attorney, we would be happy to arrange a free phone consultation. All legal services are handled through a third party and LPG does not offer any legal services or advice. We are offering this as a service of convenience to our clients.
Post Closing Package
After you have purchased a home, there are many other steps that need to be taken in order to utilize your property in the most profitable way. Due to the demand from our clients, LPG came up with the Post Closing Package which encompasses everything you will need in order to run your property as efficiently as possible. Whether you are using our property management services or not, we can help. Many property managers have utilized our services due to our experience and streamline service.
Disclaimer – Luker Properties Group, LLC does not offer legal services or advice and always recommends that you seek all legal advice from a licensed attorney in the state of which your assets are. Luker Properties Group, LLC is a licensed real estate brokerage and a licensed & Insured accounting firm.
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