Property Business

Hi
My hubby and I are looking to start a property business.  He works in architecture, so it would be a natural extension of what he's already good at. 

We're thinking initially it would be small, like buy another property for holiday lets and then hopefully build an empire with full services like architecture and design through property management. We're dreaming big! But! have small hurdles to go through first, like tax implications.

He gets really angry with the IRS,  when I remind him we have to think about US taxes, so can anyone help point me in the direction of where I can start to pull information and hopefully, appease his mind about just how bad it would be? 

PS, I will also take your advice on UK tax implications as well. 

Thanks!!   

Interesting, thought perhaps people would know a bit more about this with second homes and holiday lets. 

Hi PB!

We have a rental property.  It's a long term (annual) contract though.  We keep it all in my husband's name so that the IRS isn't an issue.  Would you be able to do the same?

Lots to consider with UK taxes.  I don't know if they are universal and maybe don't affect Scotland?  Stamp duty, if a mortgages property, they are phasing out being able to deduct interest from your tax bill.  All will depend on your investment outlay versus potential income (of course).  But we are hopeful that Bricks an a mortar was the right place for us to invest!

Thanks KFDancer.  I could probably put in J's name, yeah.  Would need more advice on legal/assets aspects of this to see if it makes sense for us.   We do have a solicitor that we use and like, so could bounce off him.

We think bricks and mortar is right for us too, but definitely don't want to head in and get nasty surprises! 

Wonder if there are places that know about both UK and US tax implications that we could head to for advice?   

I know what you mean.  I've got a LOT of trust/faith in my husband that he won't screw me!  I did some investigating and as we are married, if we were to divorce, assets should be divided equally (as determined by the courts) and not just based on who's name is on the asset.

I know people may look at this and think you shouldn't be planning for divorce, but I found myself in that situation in the past when it wasn't my desire, so I tend to be more logical than romantic now!

Exactly. I am head over heels in love with J and I can't even imagine these things, but I'm not someone who is naive.