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    • Useful info / Professional
    • 2025/03/09 (Sun)

    This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

    Real estate business （ Rent ）

    For those who are in the real estate business in the U.S. or Japan

    For those who are in Japan and have purchased real estate in the U.S. and are in the Rent business or are thinking of investing. Also, for those who are in the U.S. and have real estate in Japan and are in the rental business. The real estate business has become international, and we see many different patterns.

    Corporate Form

    When starting a real estate lending business, it is necessary to decide on a corporate form. If you are starting as an individual, a sole proprietorship （ Schedule E ） may be sufficient. LLCs and C Corp's are useful for two or more people. C Corp is currently attractive with a 21% tax rate, but requires a Distribution ／ Payroll process to transfer personal income （ to assets ）. > Payroll procedures are required. Taxes （ double taxation ） will apply at that time. However, it is considered best for those who wish to regulate their personal income.

    FINANCIAL

    Some estates offer a service to prepare financial statements, but it is recommended that you have someone who is familiar with US GAAP check this for you. Some real estate companies offer a service to prepare financial statements, but it is advisable to have someone who is familiar with U.S. GAAP check the statements.

    Declaration

    Fixed Assets （ Asset ） and Depreciation （ Depreciation ） It is very important to make sure that the information is correct. If this is not correct, there will be a huge panic when the property is sold, inherited, or audited. If you are not a person with bright knowledge of these matters, you will be in a situation where you will have a hard time correcting the fact that the Rental Property is in Double Declining Depreciation, the Asset itself is not listed, or the Asset is not updated. We recommend that you check with a specialist once a year.


    The information provided throughout this column is for general and educational information only and is not intended as a solution or legal advice for individual readers. Any questions regarding an individual reader's specific situation should be discussed with us in advance on a consignment agreement.


    LA OFFICE: info@aohama.com
    Tax and Payroll: AohamaTurtle@gmail.com

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    • Useful info / Professional
    • 2025/03/04 (Tue)

    This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

    Individual Tax Identification Number ITIN)

    If you are a Japanese expatriate with children, do not have a U.S. Social Security Number （ SSN ）, and have business, investment, or income in the U.S., you must Apply for an ITIN to replace your SSN in order to file your Tax Return.


    W-7

    Usually, as a condition to Apply for an ITIN, you must have a W-7 and the required documents, why an ITIN is needed. To do so, the ITIN must be applied for when applying for a personal or company tax return.　The best way to obtain the necessary documents is to submit a Certificate Copy of Passport/VISA. You can have the Copy made at the Japanese Consulate if you are in the U.S. or the U.S. Consulate if you are in Japan. It takes 3 ， 4 months to complete the ITIN process and then the tax filing process, which requires a lot of effort and time. Also, the process is quite strict, and if the instructions are not followed, the application will be rejected.


    Required Documents

    Even so, applying for an ITIN is less troublesome for adults. Recently, for children and Dependents, Passpot alone is no longer accepted as a required document. Medical records or school records are now required as proof of residency with parents. Naturally, the documents must include the address, medical examination date, hospital name, doctor's signature or stamp, etc. to prove that the applicant lives with his/her parents. The IRS will not clearly explain the reason for rejection, so inexperienced tax preparers will have to go back and forth with the IRS, and will never be able to complete the tax return. IRS will not be able to complete the tax return forever.


    Remarks

    The ITIN regulations have been changing frequently. Recently, ITINs have been given an expiration date and renewal procedures are now required; renewal is in name only, and the documentation required is exactly the same as applying for an ITIN from scratch. In the past, Dependents received a Child Credit when they applied for an ITIN. However, this was recently changed so that it is only valid for the Dependent holding the SSN. Therefore, applying for an ITIN with a Dependent will only cost you time, effort, and money, and you will not get much benefit from it. Some people who have been in the U.S. for about two years do not apply for an ITIN for their children, but we recommend that you prepare carefully for the ITIN because it is a complicated process and once rejected by the IRS, it can take a long time.




    The information provided in this column is for general and educational information only and is not intended to be a solution or legal advice for individual readers. Any questions regarding an individual reader's specific situation should be discussed with us in advance on a consignment agreement.


    LA OFFICE: info@aohama.com

    Irvine OFFICE: aohamatax@outlook.com




    2021 From IRS Instruction
    Proof of U.S. residency for applicants who are dependents.

    A passport that doesn't A passport that doesn't have a date of entry into the United States won't be accepted as a stand-alone identification document for dependents, unless they are from In these cases, applicants will be required to submit at least one of the following original documents in addition to the In these cases, applicants will be required to submit at least one of the following original documents in addition to the passport to prove U.S. residency.

    If under 6 years of age: A U.S. medical record, U.S. school record, or U.S. military personnel stationed overseas.
    If at least 6 years of age but under 18 years of age: A U.S. medical record, U.S. school record, or U.S. state identification card that lists the applicant's name and U.S. address, or a U.S. visa. of age but under 18 years of age: A U.S. school record, U.S. state identification card or driver's license that lists the applicant's name and U.S. address, or a U.S. visa.
    If 18 years of age or older: A U.S. school record, rental statement from a U.S. property, If 18 years of age or older: A U.S. school record, rental statement from a U.S. property, utility bill for a U.S. property, or a U.S. bank statement, U.S. state identification card or driver's license that lists the applicant 's name and U.S. address, or a U.S. visa.

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