NOTE: Please do not post any negative comments or remarks about any person or organization. Failure to follow these instructions would be considered a consent for forums.immigration.com to share your login information, your IP address and other details with the aggrieved party. NOTE: FREE CONFERENCE CALL FOR IMMIGRATION RELATED ISSUES. |
|
|||||||
| Register | Glossar | Blogs | FAQ | Members List | Social Groups | Calendar | Search | Today's Posts | Mark Forums Read |
| Starting and Doing Business in USA Help each other make money and have fun doing it :-) |
![]() |
|
|
Thread Tools | Rate Thread | Display Modes |
|
#1
|
|||
|
|||
|
H1b - Owning rental properties in LLC ?
Hi All,
Currently I'm on a H1b work visa working fulltime for a insurance company in Atlanta, GA and I'm in my green card process - waiting to clear labor certification. Real Estate investing is a part-time venture for me. I opened an LLC (sole member) last year and taxes are due now. I have 4 rental properties in this LLC. I do not want to grow more owning rentals till I get my green card based on the advice from my immigration lawyer, but I would like to preserve my current LLC. My immigration lawyer recently said to me that, rental income is considered to be a passive income. He said, passive income can be argued for 5-7 properties; but if I have 15-20 properties then it may be considered as a legitimate business - something that is prohibited for visa holders. He said, its best for me to own limited (few) properties till I get my green-card. Further he said, currently I'm ok but advised me not to own too many properties and that the passive income (and when it becomes a business) is really a gray area and can be argued if it becomes an issue or if we get and RFE of any kind. My questions are - 1) Does anyone know if immigrants are allowed to own rental properties ? I know that owning a house is highly encouraged and it is not a problem. JoeM, From reading your posts, you had discouraged that H1b's should operate LLC's. Now that its time to file taxes - 1) Will this be a red flag in my GC process, resulting in an eventual GC denial ? Or what could be the complications involved further down the line ? 2) Do you suggest that I should have a US citizen (may be my uncle) become another member in LLC and show that he operates the company and that I'm just a sleeping member doing nothing in the LLC ? 3) Or do you suggest that I close the LLC right-away and get properties transferred in my personal name, so that there is NO COMPANY shown anywhere on the tax-returns ? Can you please post comments in this ? Your opinions are highly appreciated ! Thank You, Raj |
![]() |
| Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | |
| Thread Tools | |
| Display Modes | Rate This Thread |
|
|
Similar Threads
|
||||
| Thread | Thread Starter | Forum | Replies | Last Post |
| Indian Properties - US Citizenship | mrv2 | US Citizenship | 4 | 26th February 2007 01:52 PM |
| Owning Rental Property | gravitation | Starting and Doing Business in USA | 2 | 17th June 2005 12:22 PM |
| Buy/Sell/Rent multiple properties on H1B | bajaj_deepak@ho | General H-1 and H-3 Visa and Related Issues | 2 | 27th May 2005 03:38 PM |
| Multiple real estate investment and rental properties on H1B | bajaj_deepak@ho | General H-1 and H-3 Visa and Related Issues | 0 | 27th May 2005 01:11 PM |