FAQs

We are requried by Florida Statue and Federal Law (linked below) to protect the interest of tenants.  

Link

How to file TAX in the US as Foreign Nationals if you have rental income (not net) this year?

1.   We are required by IRS (www.irs.gov) to send you 1042s by Jan 31st, 2012 via physical mail.  We  will  send you the Annual Statement (Call Statement of Cash Flows) around Feb 1st, 2012 via email after 1042s were mailed out. 

2.   Please provide your 1042s and Statement of Cash Flows from us to your Certified Public Accountant (CPA) to let them file the tax return for you.  If you do not have one, we will have one for you.  

3.  There are benefit of owning the property under LLC.   If you would like to own this property under a LLC,  you still need a personal tax ID to apply LLC.  The advantage is that if you have more than one shareholders, it will be easier, in the future, to sell or change ownership of business without paying the transfer tax when you sell a property.  It also has the advantage for Estate purpose in US.  If the owner of the property passed away, the Estate tax will be 47% for anything over $65,000.  Owning the property under LLC will not impact your tax, the net rental income form LLC will pass to each shareholder by their percentage and than file 1040 NR by each individual shareholder.

美国报个人所得税流程 

以2010年6月15号为过户日为例。在业主过户后的下一年(2011)业主需要申报前年(2010)的租金收入所得税。

1. 在2011年1月31号，物业管理公司会出具如下两个文件  A. 1042s。 1042s 一式两份，一份发给美国税务局IRS，一份发给业主。上面列好了2010年的毛收入。 B. 现金流报表 Statement of Cash Flow.  此表列清了2010年毛收入，各项费用和净收入（毛收入减去各项费用）

2. 如已经在美国有自己雇佣的CPA（注册会计师），业主可以将这两个表直接发给自己的CPA来完成报税。纽兰也可以推荐我们的CPA完成报税。业主请告知我们您们的选择。报税的截止日期为6月15日。

3. 除了我们物业公司支出并记录的费用外，业主自己支付的和持有此物业相关的费用也可以抵收入来减少税。具体标准请咨询CPA。

在收到此email和附上的1042s和现金流报表后请告知您是否有自己的CPA还是用我们的CPA。这样我们好进行下一步。 

Link to explaination to accounting cycle 会计时间节点

Link to explaination of items on the monthly statements 月结单每项解释

Link

Yes, we strongly recommend to buy Homeowner Rental Insurance (Liability and Content) since structural insurance is covered by HOA fee in most cases.  Please call our office for Agent's contact details.

On our signed Management Agreement (Section 3, Broker Obligations), we explicitly stated that we will not be able to pay on owners' behalf due to potential liability issues and regulation requirements.  However, we are willing to help to pay any third party, such as Property Tax, with explicity written authorizations from all owners on the title of the specific property.   Under such circumstance, owner should be aware that Number 1 Broker LLC should not be held accountable for any fees incurred due to late or non-delivery of payment.  

To use this service, owner must have sufficient funds in the rent escrow account, because there are strict regulations governing the use of Operational Fund for Escrow purposes.  $45 fees will be incurred for any third pary payment. 

We will perform the move-out walk-through on or right after the move-out.  If there are repairs needed to make the property ready for the next move-in, we will claim the cost of repairs from the deposit of previous Tenant.  The Claiming process will take between 45 and 60 days with Claim and Rebuttals as part of the due course required by the Florida Statue.  Since we can not wait that long to make it ready for the next move-in, we will charge the repairs to the owner first and credit the deposit we claimed back to the owner in 45 to 60 days.  e.g. If there is $250 worth of repairs needed, you will see $250 debit on your account.  After 45 days Claim process is over and both parties agreed on the claims, we will credit back $250 to owners' account and disburse the remaining deposit to the previous Tenant(s).  If the Claims if challenged by the Tenant and can not be agreed or settled, we will have to give the Deposit to the Court Administrator and acquire their Final Judgement.

我们将在租客搬出的同时和租客做“搬出检查”。检查房屋所有item的状况并与此租客搬入时的”搬入检查“逐条对照以确认损坏的责任。 租客需要在此文件上签字并提供新的地址。如果租客不提供地址，我们将按照佛罗里达法律要求把Deposit Claim寄到此租客最后的已知地址。

如果房屋的损坏不是正常的出租磨损，我们将从此租客的定金中Claim此维修部分付给业主。但这是个过程，有一些法律要求的步骤要做。一般这个过程需要45-60自然日。 有些租客会反驳，并诉至法庭。这是我们都要避免的，因为业主在法庭胜诉的概率不大。法官会在各个环节偏向租客。如果能业主和租客协商解决，应该是最好不过的结局。我们做为Escrow Holding Agent，只有在两种情况下才可以释放监管账户中的定金：1. 法官裁定， 或 2. 业主租客双方书面同意的合同。我们无权裁定定金的分配和谁是违约方。

与此同时，我们不可能等租客的定金45-60天拿到后才开始修复房屋。这时需要业主先出维修费，以尽快出租出去。 

Here is the link of step-by-step guide for your Owner Portal.