Do You Really Need to File Tax Extension?

 

If your income exceeds a certain level, you are required to file a federal return. If you are not required to file a tax return, you don’t have to file a tax return. Even you are not required for a year, it is a good way to file a tax return to order to protect yourself against future audits of past returns. The three-year statute of limitations on IRS audits doesn’t start until you file your tax return.

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Foreign Persons Who Received Rental Income from US Rental Property

Rental income from real property located in the United States and the gain from its sale will always be U.S. source income subject to tax in the United States regardless of the foreign investor’s personal tax status and regardless of whether the United States has an income treaty with the foreign investor’s home country.

The method by which rental income will be taxed depends on whether or not the foreign person who owns the property is considered “engaged in a U.S.

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