Owning Property in a Foreign Country: Appropriate
This article organizes the original guidance on owning property in a foreign country: appropriate documentation into clear sections for easier reading and reference.
Overview
This opening section presents the main context from the original post.
Last week we discussed some of the issues that can arise with the ownership of foreign real estate. Here is one situation we encountered:
A decedent died owning land in the Dominican Republic. The executor was unable to locate the appropriate documentation to prove ownership.
After speaking with a realtor, it was decided that the legal costs associated with obtaining title and transferring the property would probably exceed the value of the property. A decision was made to abandon the property.
How can this type of problem be avoided? Consult with an attorney and/or accountant in the foreign county where your property is located.
Make sure your executor and heirs know where any relevant documents are located, as well as the contact information of the professionals you have worked with so they can deal with the property efficiently and effectively.
Our staff can help you address the U.S. tax implications of owning foreign real estate and work with your foreign accountant and attorney handling any foreign reporting requirements. With our international network of accounting firms, we can refer you to a reputable tax adviser in the foreign country.
Stay tuned for another example next week.
Related Resources
These resources connect the article topic with related Bowers service pages and approved professional reading.
FAQ
The questions below summarize the main points already covered in the article.
What is the main focus of Owning Property in a Foreign Country: Appropriate Documentation?
The article focuses on owning property in a foreign country: appropriate documentation and organizes the original guidance into sections for easier review.
Does the post include action items or reminders?
Yes. The original post includes listed items that have been kept in list format for easier scanning.
Was the original post wording changed?
The revision keeps the author wording and updates the structure so the post is easier to read online.