Event Coverage
Smart Tax Planning for Foreign and Domestic Investors Peaks Members' Interest
CPA and estate attorney Vivian Yuan (left) and mortgage loan officer Lisa Wendl (far right) shared valuable information on taxes and loans for domestic and foreign investors to a full room of real estate professionals.
The March 20 program on Smart Tax Planning for Foreign and Domestic Investors, hosted by SILVAR's Global Business Council and the California Council of Residential Specialists (CRS), CPA and estate attorney Vivian Yuan explained how the new tax law will affect U.S. and foreign real estate investors, including non-immigrant visa holders, passthrough deductions, foreign investors, advanced asset protection and estate planning.
Yuan explained some benefits of the new tax plan with regard to individual tax rates, the alternative minimum tax, passthrough tax rates, REIT capital gains/dividends, first year bonus depreciations. She also explained the "bad things" or drawbacks of the tax law, including glitches in the law, with regard to non-corporate business losses, net operating loss, like-kind exchanges, sweat equity partners, tax audit and collection rules.
Yuan said Congress had passed the new law so quickly that many important details were left out. The IRS is now just clarifying some parts of the law, but she said it is likely more clarifications will be made throughout the year.
Lisa Wendl, mortgage loan officer with General Mortgage Capital Corp (GMCC) in Cupertino, explained the types of visas for non-permanent residents, including student visas and foreign tourist/business visas. She also explained the requirements for foreigners purchasing property and equity based lending for foreigners and local residents.
Wendl said over 50 percent of her clients are foreigners with visas, many of whom are Google and Apple employees. These employees have to have an Employee Authorization Document (EAD), as well as a 24-month period working history. Their stock options help qualify them for a loan.
This program was oversubscribed with many members wanting to attend, but could not be accommodated. The Global Business Council will be scheduling a similar program sometime in the fall. Look for more information soon in the Friday Facts. Thank you to Keith Bishop, with Old Republic Home Protection, for sponsoring this program!
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