Rental property... assets or business???

happymomof1
Mon, 01 Jul 2019 17:07:25 +0000

@Madison85 - The immediate taxes due for income from those properties would be paid according to the tax laws of those countries and reported on any returns in those countries. Then, that information would be reported again on the US tax return. Depending on the income, tax treaties, etc., further taxes might be owed to the US. Often, however, it is just a lot of paperwork, and no money needs to be paid to the US. As the OP’s dad is quoted above, it is indeed “complicated”. I haven’t had to file international income information with my US taxes for nearly 20 years, and the messiness of it still makes me shudder. I certainly wouldn’t expect a high school student to be able to understand, let alone accurately explain, this aspect of the family tax responsibilities.