Buying property in the USA - information needed

usignuolo

My son and his wife, who is Canadian, are based in the USA. He works for an international bank and had planned to return to their London offices this year. However following the big crash, his London job is no longer available. He and his wife would like to start a family and have been thinking about moving out of Manhattan and buying a flat big enough for a family, as prices are currently very competitive. We should like to help them. We could give them a cash sum or, as our house in the UK is in my name, one option would be for his father to part purchase it with him. His wife is in a similar situation with her parents in Canada who would also be prepared to help.

What is the situation for UK citizens buying property in the States, either jointly or individually? is there anywhere I can find out more.

James_Trimby

Dont think it is a major problem but not an expert. IF you charge rent there is a withholding tax but not sure in this case who might be liable to deduct and pay to US revenue service. Also on sale lawyers might keep a chunk of your monies until you submit a US tax return paying capital gains (or not as the case may be) There is a lot of investment monies moving into US at moment from UK so should be plenty of UK and US lawyers who should be able to advise. (ditto no idea about joint ownership rules in US etc etc)

Running_Horse

This might be a good site for local info:

http://www.city-data.com/forum/real-estate/