Learning about US tax
Well Sunnyshores,
I just closed on my first US investment on Friday (2 days ago), a 1 bedroom flat in the UES of Manhattan, and its currently empty and needs a spot of renovation. So I haven't got tenants yet. My solicitors in NY recommended an accountant with experience, so I have only just contacted him and awaiting a reply, but will keep you posted on what he says. In terms of the buy, all my mates here think I am totally mad to buy in this current market. I actually got interested in buying in Jan/Feb and found the place in May. I could not predict what was going to happen, so I will have to wait and see. I think I got the place for a good price but I really hope NY won't crash. Actually since I plan on keeping it for at least 5 years, all I hope for is I can rent it out continously at a good rate uninterrupted so I can survive this period of time. Hopefully in 5 years the prices will come back up again. If you have any advise for a US novice, I am all ears...and eyes.
best wishes
CS
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