Collecting rental income as a non-American

I’m considering buy a 2 family home that I was planning on renting out to tenants.  I am not an American citizen, and am here on an H1 B visa.  Does anyone know the ins and outs/legality of collecting rental income with my immigration status? Thanks!

Alfie

in Accounting 13 years ago

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cohenlink | 13 years ago

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yes, you can – you can purchase a house with a loan and rent out or you can purchase all cash and rent out. From a pure business prospective (nothing to do with your H1B status), if you buy all cash, open LLC and buy the building on the LLC’s name. then, run the entire building via the llc

deancollins | 13 years ago

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ugh brownstoner ate my long response. fuckit. Yes you can is the answer.

seriously mods get this fixed or i’ll quit responding.

angelynb | 13 years ago

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You must pay rent in return for living in your home. The tenant must pay the landlord the amount of rent agreed, and the rent must be paid at the time and place agreed. If the tenant and the landlord have not agreed on a time and place, the law says that the rent is due on the first day of the rental period, and it is payable at the rental residence. If the rental period is longer than one month, and the rent is paid monthly, rent is due on the first day of the month unless the tenant and the landlord have agreed on a different day.