SERVICES • COMPANY FORMATION
Obtaining an ITIN is vital for all foreign investors, which is why that’s one of the core services the Nonresident Investor offers.
Individual Taxpayer Identification Number (ITIN)
The ITIN is the individual taxpayer identification number that’s available for nonresidents, resident aliens, as well as their potential dependents (like spouses and children). This number has the same form as a Social Security number, but it’s easily distinguishable because it always starts with a “9.”
Nonresident investors need to have an ITIN in order to:
Fulfill the state and federal tax filing requirements made by the IRS.
Be able to present a federal tax ID when that’s required of them.
So, the ITIN is a necessity for anyone who is required by the IRS to file tax returns or, alternatively (and more frequently), prove their federal tax ID but doesn’t have an SSN. Most of ITIN’s functionality centers around business owners and investors being compliant with US tax laws.
As a nonresident investor, you can take advantage of the multitude of benefits that the ITIN doesn’t offer to others. For example:
- Getting access to the US payment systems
- Taking advantage of deductibles and tax benefits that are available to you as a real estate investor, and
- The ability to file taxes through your LLC that will most likely result in tax loss that you’ll later be able to use to your advantage if you decide to sell the property since they will factor into your capital gain tax.
However, while having an ITIN is vital and beneficial for all nonresident investors, it’s important to note that an ITIN:
- Does not give you the right to work in the US.
- Won’t help you with obtaining legal status.
- Doesn’t allow you to get any Social Security benefits
- Won’t make you eligible for the Earned Income tax credit.
Obtaining an ITIN
The Nonresident Investor team will help you obtain an ITIN by explaining the entire process to you, helping you obtain the necessary documents, and filing them for you.
To get an ITIN, you will need:
A filled-out W-7 form
Documentation proving your foreign or alien status
Documentation proving your identity
Our accountants will process the paperwork and send it to the acceptance agents authorized by the IRS, who will then audit and file the paperwork. Thanks to our massive network of business contacts, associates, and experts, we’ll connect you with the very best acceptance agents in the state you’re opening your LLC in.
Thanks to years of experience, the Nonresident Investor team has a fool-proof EIN protocol. We’ll help you get your EIN quickly and without much hassle.
Our services were created to assist investors in navigating the complex real estate market, covering everything from LLC formation to property management based on years of experience in the industry.