My two brothers and I own a home in Europe. (Both my brothers live in Europe. While they are not U.S. citizens, I am. We each own 1/3 of the property.)
My brothers are planning to dip into their savings and renovate the
house. The plan is to rent the house once the renovations are done.
Because I cannot afford to contribute my part to cover the renovation
costs, they are proposing that they keep all rental income once the
house is rented out again. They would do that for an X number of
years. After that we would each get 1/3 of the rental income.
Am I nevertheless liable for paying taxes to the IRS on rental income
that I would not be getting for the X number of years?
- posted 7 years ago