Special Considerations To Note When Filing Form 1040NR

Part III: Special considerations when filing Form 1040NR This three part series will look at who qualifies, requirements and exemptions of the form based on individual circumstances, and, finally, special considerations to note when filing a 1040NR: U.S. Nonresident Alien Income Tax Return.  Even after you have determined which form you should use for filing […]

Which Form 1040NR should I file?

Part II: What form should I file? This three part series will look at who qualifies, requirements and exemptions based on individual circumstances, and, finally, special considerations to note when filing a 1040NR: U.S. Nonresident Alien Income Tax Return.  After establishing who is considered a U.S. nonresident alien (NRA) in Part I, the next step […]

How To Depreciate Foreign Rental Property

Question: We purchased personal use foreign property in July 2012 for $300,000. On 1/1/14, the property was converted to rental use. It was rented out for three months in 2014. For purposes of setting up this rental property to calculate depreciation, should I use the exchange rate as of July 2012 or 1/1/14? Also, can […]

Do Children Need To File FBAR Forms?

Question: My entire family moved from a foreign country to US during 2014. I have two children. They each had foreign accounts exceeding $10,000 during the year. One child left funds in a foreign account. The other child brought all the money to the US, so closed the account in Belgium and opened in the […]