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QUESTION:
Hi,
I am in the US under an H-1B visa and I was planning on buying a house to
rent out to students near the University. Will the owning of that property
be a violation of my H-1B status? Even if the income is a washout between
rent and mortgage payments?
Thanks,
Rxxxxxxxxxx
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david ingram replies:
This would be a good question for Sunday morning.
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Starting this Sunday at 9 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at
www.600AM.com
However, I have been in this US / Canada / Mexico consulting business since 1964. I have likely answered 20,000 questions on over 4,000 radio and television talk shows and have answered over 4,000 questions on this board alone in the last two years..
I have never heard the question before and have to admit I have never even thought of it even though I claim to be an international specialist on real estate, tax and immigration.
I am going to say NO if you buy the house and hire an American to look after it and YES, YES, YES if you are going to be living in the house or trying to manage it your self. (No means it is okay and YES means you are in trouble in this answer)
The H1B allows you to work for your employer and nothing more. You cannot shovel driveways, work at a corner gas station, or design a new skyscraper in the US if you do not have a visa for that employer. If you were living in Canada or Mexico or Germany and had a rental house in the USA, you cannot paint it, repair it or collect rent for it. You can buy it and hire a property manager to collect the rent and hire the painter, etc. but you cannot do any work on the house yourself if it is a rental.
Perhaps one of our immigration or border people will want to comment here.
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
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[email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
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David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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