If you had a strong credit history before you expatriated and you’re now in receipt of income to support your mortgage application there are a number of lenders specifically interested in attracting expatriate business though. Some of major high street lenders will charge you a bit of a premium for ease of application and service they offer and it’s actually worth while shopping round on internet to see who else is offering specific expatriate mortgages.

Usually you should be able to borrow up to 85% of property’s value and when it comes to proof of income this can be made up of earned, pension, investment and rental income. 4) Equity Release and Second Mortgages

This is of course simplest and most popular method being used currently for purchase of holiday homes overseas by many buyers. In UK especially, where housing market has significantly strengthened over last 5 – 7 years, many people have built up substantial equity in their homes and are now releasing this ‘extra money’ to purchase property in Spain in cash.

If you consider this method you must accept that additional sum you add to your mortgage will incur interest, it will have to be repaid over term or at end of term of your mortgage and that whole loan is secured on your main property.

5) Installment Payments

You might like to consider purchasing property off plan as this can give you option to pay for real estate via a series of installments or stage payments that you can save up to fund during build period.

After paying securing deposit your installment dates and amounts will be written into your purchase contract enabling you to budget accordingly. Clearly this method would particularly suit those with a high level of disposable income.

Once you have determined most suitable method to suit your requirements and circumstances you can begin your search for a lender if applicable. Consider searching internet, using forums, expatriate and international property sites, examining lenders sites and you can also listen to personal recommendations from friends, family and colleagues who have already undertaken property purchases in Spain.

As part of Job Growth and Reconciliation Act of 2003, one-year deduction amount was increased from $25,000 to $100,000. The 100,000 figure will be adjusted for inflation each year, which means it will continue to increase. This is very good news.

What Property Qualifies?

You can deduct cost of following property under Section 179:

1. Machinery and equipment 2. Furniture and fixtures 3. Computer software.

You must elect Section 179. It is not automatically given to you. Simply fill out IRS Form 4562 and attach to returns for business.

In Closing

As shocking as this will sound, government should be applauded for expanding Section 179. Small businesses are burdened by too many regulations and mandatory costs. The expansion of Section 179 is a nice piece of tax relief legislation. Let’s hope more is on way.