Paying your Memphis Property Taxes

As I enter my second year of USA Property Investing, I am beginning to go through some annual cycles; first up.  My property taxes in Memphis.  My Florida taxes are all paid automatically by the bank holding the loan which is handy,  however the Memphis ones I have to do myself.

I ventured gamely to the online portal, with my new US credit card:

https://www.shelbycountytrustee.com/index.aspx?nid=89

Thought it was all looking good until all the address details were US only for the ZIP code and country.  Bum.  I went ahead anyway adding an additional made up number for the ZIP and USA  and it went through!

So, a 5 minute job!

Mark

About Mark Taylor….

Mark Taylor is the Founder and Director of Keys To Success Club.   A property investor in his own right, Mark helps other people succeed in property investment by connecting them to property experts through Keys To Success Club.

A key focus on the club is to enable overseas investors to access the US Property Market opportunity.

For more information, click here

My property journey – Lodging US Tax Returns

If you invest in US property you must also lodge a US tax return.  You do not pay tax twice, as there is a tax treaty with Australia  and the US, so you will get a credit against your Australian tax return.

We have exploring getting US tax returns completed.  You can get Australian companies to do it for you.  Typically $300 per property.  We have, however, managed to source a US based accountant who will be able to to up to 3 properties for USD$395 which is a pretty good outcome and I suspect she will be more across local tax requirements than an Australian accountant.  I will be lodging my first next year, but Stephen is in mid process with his 10 properties.

Cheers for now

Mark

About Mark Taylor….

My property journey – Lodging US Tax Returns

Michael Jones – US Tax Expert

I am pleased to welcome on board Michael Jones onto our expert property panel.

Michael will be supporting our community with US Tax and Accounting.

About Michael Jones….

Michael Jones – US Tax Expert

Accountants: A Valuable Asset

By Chris Gray

Accountants: A Valuable Asset

 Stamp duty savings with off the plan property

By: Whitehouse Capital Partners

Currently NSW property investors that purchase off the plan are entitled to a 100% stamp duty saving for new property costing up to $600,000, provided that construction has not commenced and that contracts are exchanged before 1 July 2012.  Where construction has already started, then there may be a limited stamp duty saving of 25% – see www.osr.nsw.gov.au -home builder bonus fact sheet.  There are terms and conditions that apply and investors should make their own enquiries.

In NSW stamp duty is generally payable within 12 months of exchange of contracts or when the project completes, whichever is the former.

In Victoria there are substantial stamp duty savings available for off the plan property purchases.  The Victorian Government, in an attempt to encourage new development, has reduced stamp duty for purchase of property prior to it being built.  As construction of the development takes place the rate of stamp duty increases incrementally until the building is complete at which point the full rate of stamp duty is applied.  The greatest concession therefore is achieved before construction commences.

Transfer duty (stamp duty) in Queensland is payable for off the plan purchases at settlement.

For more information on other states – see The Office of State Revenue (OSR) web sites for each state.

  Stamp duty savings with off the plan property