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Foreign Investment in U.S. Real Property

This article provides U.S. tax information for individuals who are U.S. nonresidents who are not U.S. citizens. The assumption has been made that there will be none or very limited personal use of the U.S.-based real estate. This article also assumes that the real estate is located in Chicago, Illinois. Therefore, any variation of these assumptions might cause all or part of the tax information to become invalid. U.S. and local tax laws might change without notice.
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Subsequent to publication, we have authored a more comprehensive article on this topic, "A Guide to Foreign Investment in U.S. Property," which was published in the April 2009 issue of Taxes—The Tax Magazine. 

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.