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Annual Income Tax Return - 1040NR

A nonresident alien is defined for federal income tax purposes as an individual who is neither a U.S. citizen nor a resident of the United States ie. do not hold a “Green card or has not been physically present in the U.S. for 183 days or more during the current calendar year

Requirement to File a Federal Income Tax Return (1040NR)
If you are a nonresident alien and rent out your vacation home for more than 14 days of the year, US tax laws require that a tax return, (form 1040NR) be filled out annually to account for the income earned from such rental activity.  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. Generally, after taking all the allowable deductions, no actual tax is due to the federal government.

Allowable expenses include some of the following: airfare, car hire, maintenance, advertising, cleaning, commissions, insurance, utilities, accounting fees, legal fees, management fees, mortgage interest, repairs, supplies, property taxes, tangible taxes and Homeowner’s Association dues.  Please download our income & expense worksheet below.

However, it is a legal obligation that you file the federal tax return (form 1040NR). The deadline for filing this return is June 15th, for the majority of homeowners, following the end of the tax year. The tax year in the USA is from January 1 to December 31. Therefore, the tax returns relating to 2006 will be due for submission on or before June 15th 2007.

You will receive form 1042S from your management company after the end of the financial year (December 31).  Your management company is required by U.S. law to submit one copy of this form to the Internal Revenue Service and mail another to your last known address.  The 1042S summarizes all the income the Management Company has received for your home during the past calendar year.  You will be subject to a 30% withholding on revenues on the form 1042S unless you complete the form W-8ECI with your management company to be exempt from withholding by treating the property as a business.

File Downloads
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FORM W-8ECI

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Income & Expenses Worksheet 2018 (Year ending December 2018)
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Income & Expenses Worksheet 2017 (Year ending December 2017)
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Income & Expenses Worksheet 2016 (Year ending December 2016)
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Income & Expenses Worksheet 2015 (Year ending December 2015)
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Income & Expenses Worksheet 2014 (Year ending December 2014)
 
 

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A H Gantt CPA & Associates, PA is a licensed and insured firm of Certified Public Accountants (CPA) located in Kissimmee Florida catering to US Taxation and Reporting issues, for domestic and non-resident clients, both individuals and corporations. A H Gantt CPA & Associates, taxes, cpa orlando, accountant kissimmee, 1040nr, derek breen, florida accountant, cpa, business tax florida, filing taxes, US taxation, tax reporting, non-resident taxes, visa, immigration, move to florida, consultancy taxation