US Tax ramifications of owning a condo unit

[anthonytt]

I'm looking into buying a condo unit here in cebu but I'm concerned about US tax liability, what I need to report and what extra forms I need to fill out with my yearly taxes. And any US taxes I will be responsible for by owning a cindo here. Anyone American here own a condo 
And can give me some information about this would be greatly appreciated! 

[earthdome]

I am not a tax expert and do not own a condo. I would assume it is the same as owning a home in the USA. You could be subject to capital gains tax when you sell.

 

Be aware that you do have to make an annual FATCA report to the IRS if you have at any one time $10,000 USD or more financial assets outside of the USA. So you may be subject to FATCA reporting.

[robert k]

6 hours ago, anthonytt said:

I'm looking into buying a condo unit here in cebu but I'm concerned about US tax liability, what I need to report and what extra forms I need to fill out with my yearly taxes. And any US taxes I will be responsible for by owning a cindo here. Anyone American here own a condo 
And can give me some information about this would be greatly appreciated! 

Best advise I can give is talk to a CPA. The ones I have personally used have been friendly, willing to answer a simple question as long as you aren't asking them to give away the store.

[anthonytt]

12 hours ago, earthdome said:

I am not a tax expert and do not own a condo. I would assume it is the same as owning a home in the USA. You could be subject to capital gains tax when you sell.

 

Be aware that you do have to make an annual FATCA report to the IRS if you have at any one time $10,000 USD or more financial assets outside of the USA. So you may be subject to FATCA reporting.

I believe your talking about FBAR. FACTA aka 8938 has higher thresholds. 

[mogo51]

You  won't have any tax obligations if you don't tell them.

[Jack Peterson]

2 minutes ago, mogo51 said:

You  won't have any tax obligations if you don't tell them.

Now would that be Avoidance or Evasion?

[mogo51]

I would say Tax Sensible.  Why walk up and put your head in a noose?  Just a place to live!

[Jack Peterson]

1 minute ago, mogo51 said:

I would say Tax Sensible.  Why walk up and put your head in a noose?  Just a place to live!

Not too sure the US tax man sees it that way, assets are cash to them.

[mogo51]

I see your point Jack but how are they going to check unless whoever tells them?  Unless US are tapped into Philippines and if their system is anything like here, that won't happen.

[Jack Peterson]

1 minute ago, mogo51 said:

I see your point Jack but how are they going to check unless whoever tells them?  Unless US are tapped into Philippines and if their system is anything like here, that won't happen.

Now now there is a point, I was Under the Impression that this FACTA thing was all about banks here & the US, IRS  being Connected in some way so  ie: they must Report all about US accounts.

Hiding it for now may be OK but things like a House/Condo juts can't be hidden Forever. For me, I would be thinking Back tax if something went wrong.

I sit and smile because we have our Friend Chris raising a topic on Scams and here we talk about Scamming the US tax man.

 Kettle & Pot comes to Mind