Hi, I am buying a condo in PC and my Panamanian lawyer says I have to decide whether to purchase it in my name or to have him set up a foundation, which apparently is very common. My specific question is about tax implications in the US where I am a taxpayer. I will probably rent out the condo at least part time (>45 days at a time, in keeping with short-term rental regs in PC). I have searched a lot here and elsewhere and I understand how the IRS treats overseas real estate investments in general, but nothing specifically about whether anything changes if held by a foundation in my benefit. Would expenses be deductible, would I have to take depreciation , etc, as with a property held in my personal name? Anyone have experience with this? Or know a reputable expert? Thanks!
KBOS