How is an LLC taxed composed by italians non-residents? It is true that we will be taxed for transparency in our country?

Asked almost 2 years ago - Tampa, FL

We re 3 italians people and we want create a LLC in Florida in the real estate buy&sell or rent.
we think create LLC because we knew is less taxed and more easy respect C-corp.

Attorney answers (3)

  1. Nishat Azam

    Contributor Level 11

    1

    Lawyer agrees

    Answered . I agree with Counsel in that there are various factors to determine when advising you as to the best entity to form for tax and liability purposes. There are two different factors to consider with residents and you have another factor, being that of out of state/country residency issue. This forum is mostly for general questions and my recommendation would be to contact a Tax/Business Attorney locally and speak to them about your legal needs. Good luck to you.

    DISCLAIMER: This answer is provided solely for informational purposes only. This answer does not constitute legal... more
  2. Evan A Nielsen

    Contributor Level 18

    2

    Lawyers agree

    Answered . Sounds like there are a number of factors here (residency, tax structures in two countries, nature of the business activity, etc.). Given this, would recommend you consult with a tax attorney regarding your specific circumstances. The details are unfortunately beyond the scope of this forum.

    Good luck!

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    Disclaimer: I have not been retained as your attorney. My response is provided for educational and informational... more
  3. Venar Raad Ayar

    Pro

    Contributor Level 7

    2

    Lawyers agree

    Answered . As a foreigner, you are generally liable for US income taxes on any income earned within the United States. This would include any income earned by a Florida LLC for real estate activities related to properties in Florida (or elsewhere in the U.S.) You are responsible for filing form 1040-NR to report your non-resident income to the IRS.

    With that said, this is a general rule and there are many complications when it comes to foreigners earning income in the United States. The first thing that you will need to look into is the tax treaty between the US and Italy (assuming there is one). Often times, income that would otherwise be taxable here in the US becomes non-taxable because of the provisions of a treaty in place. This generally depends on whether or not the income will be taxed in Italy, among other things.

    Long story short, this is a complex question, and you should not expect a complete and thorough answer on this forum. You should consult with a qualified tax attorney to research this issue and provide you with a formal opinion on this matter.

    As with all advice posted on a public forum, my advice is not to be relied upon. Given the limited set of facts... more

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