Tax question:
2 investors. One in Israel and one in the US are opening an LLC together. Enter into a 4 month flip deal. What is important to know in terms of taxation and reporting?
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Hey dear Albert
This is a partnership for tax purposes when one of the partners is a foreign resident
Assuming that this is the first asset, it will be classified as a capital gain (although it is possible to claim regular income) and each partner will be taxed according to its share.
It is important to remember that the partnership is subject to withholding tax to the foreign partner
Everyone pays according to his tax bracket, but the Israeli must deduct tax at source
At the end of the year, a report must be submitted to the company, as well as a personal report for each