Hello My question is does anyone own rental property in both USA and Nepal? Is there a legal way to convert to USD and transfer some of the rental income from Nepal to the US?
We want to follow the laws and are willing to pay taxes, report all the income properly etc etc. Since we have both quit our jobs, the rental income from Nepal would help if we are able to legally transfer it.
I am a US citizen and my wife is a permanent resident. We have some rental property in Kathmandu and all the property in Nepal is transferred in my wife's name in order to follow the laws in Nepal. These are commercial properties so we have been lucky with that income as well. We set aside some of that income for donations, helping the needy in Nepal etc but we would like to transfer some of it to US)
After working a job in engineering in the US for over 15 years (both my wife and I are engineers), we finally got tired of the constant work related travel, meetings, reports, office politics etc so we both quit our jobs and are relying on passive rental income. We were lucky enough to get in the real state market around 2009 when home prices were really down, and over the past 15 years we managed to purchase 4 very nice condominiums in the US ( 3 of the units are rented out and we live in 1 ).
After quitting our engineering jobs, we do miss the nice employment income, but the rental income now more than pays the mortgage and also provides us with a good deal of passive income, and the housing prices have gone up so much in the past 15 years that we have excellent equity in the property as well (2 of the units will be paid off free-and-clear by February 2025 and the remaining 2 will be paid off by Dec 2027).
We saved every penny the past 15 years, a huge proportion of our employment income went directly towards aggressively paying down the mortgages, we cooked simple meals at home, took public transportation and company provided transportation, brought many essential items from Nepal whenever we got the chance, etc etc).
The only thing we have not compromised on is our vacation time twice a year . We saved money everywhere else, but we have been enjoying vacation time in many different countries twice a year and I do not regret spending money on those experiences.
Last edited: 09-Jun-24 10:51 PM