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Olga&Jared

Paying taxes for property abroad

By Olga&Jared in Tax & Finances During US Immigration

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Olga&Jared Enthusiast

Olga&Jared   267

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Hey guys!

 

I'm getting closer to the end of my K1 Visa process. While waiting for the interview, I try to gather information about things I'll need to know once I move. One of them is connected to my apartment here in Saint Petersburg.

 

I was wondering how much I'd have to pay yearly for my property? I don't plan on selling or renting it once I leave, that's why I won't profit from it in any way. Will I still be taxed for it regardless? And if so, how much? 

 

Here in Russia I pay taxes once a year and it's a fixed and small amount of money unless I profit from it. But I don't know how it works in the US. 

 

Thank you,  

 

Olga 

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gregcrs2 Proficient

gregcrs2   1,778

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59 minutes ago, Olga&Jared said:

Hey guys!

 

I'm getting closer to the end of my K1 Visa process. While waiting for the interview, I try to gather information about things I'll need to know once I move. One of them is connected to my apartment here in Saint Petersburg.

 

I was wondering how much I'd have to pay yearly for my property? I don't plan on selling or renting it once I leave, that's why I won't profit from it in any way. Will I still be taxed for it regardless? And if so, how much? 

 

Here in Russia I pay taxes once a year and it's a fixed and small amount of money unless I profit from it. But I don't know how it works in the US. 

 

Thank you,  

 

Olga 

No effect on your US taxes.  Just don't try to deduct taxes you paid on property in St. Pete on your US tax forms.

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Olga&Jared Enthusiast

Olga&Jared   267

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3 minutes ago, gregcrs2 said:

No effect on your US taxes.  Just don't try to deduct taxes you paid on property in St. Pete on your US tax forms.

You mean that I need to declare the amount of taxes I paid for the entire time I had this property or only declare the ones I'll be paying after I move? 

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gregcrs2 Proficient

gregcrs2   1,778

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2 minutes ago, Olga&Jared said:

You mean that I need to declare the amount of taxes I paid for the entire time I had this property or only declare the ones I'll be paying after I move? 

No, you do not declare anything relating to property taxes paid in St. Pete.

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Olga&Jared Enthusiast

Olga&Jared   267

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3 minutes ago, gregcrs2 said:

No, you do not declare anything relating to property taxes paid in St. Pete.

Got it. Thank you 😊

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Crazy Cat Grand Master

Crazy Cat   41,836

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US taxes are based on income, not wealth.  Unless income is generated, it won't affect your US taxes.

"The US immigration process requires a great deal of knowledge, planning, time, patience, and a significant amount of money.  It is quite a journey!"

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