If you own foreign property, it is important to know how to classify it for proper reporting.
By Bethany Bouw
In today’s world, it is not uncommon for US citizens and residents to own property abroad. One only has to watch House Hunter’s International to see that there is an interest in owning property outside the US. Sometimes people buy foreign property to live abroad. Sometimes people buy foreign property to rent it out as an investment. And sometimes people buy foreign property for a hybrid personal/investment use. Read more