Property tax generally amounts to approximately 1 1/2% of the property's value and is payable either annually in advance or, more commonly, monthly along with any mortgage payment. Sales tax is comparable to EU VAT or IVA (United Kingdom) and must be charged on rental income generally at a rate of 1 1/2 %. This is in reality the tenant's liability but it is the owner's (or their agent's) obligation to charge it. Rental income is declared in the US for income tax purposes. It may also be declared in the owner's country of residence although many double taxation agreements between the US and other countries enable any income tax paid in the US to be deductible from any tax liability arising in the country of residence thus avoiding any "double taxation". Actual liabilities will depend upon one's own circumstances and it is recommended that appropriate advice be sought from a suitably experienced accountant. A highly experienced tax accountant is available in our office building and will be happy to file the necessary US tax return for you at a specially negotiated competitive rate.
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