Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
Understanding Section 1250 Gains and Losses: What Are the Differences?
Section 1250 property is generally depreciable real property. The Section 1250 rules for gains, losses, and depreciation recapture are different from personal property. This article discusses the basics of Section 1250 tax rules.
Real Estate QBI Deduction – Revenue Procedure 2019-38 Safe Harbor
In general, rental real estate activity is not a qualified business for purposes of the Section 199A deduction. There is a safe harbor available for taxpayers that want to treat rental activity as QBI.
Real Estate Depreciation Recapture – Unrecaptured Section 1250 Depreciation
Section 1250 property is generally depreciable real property. The Section 1250 rules for gains, losses, and depreciation recapture are different from personal property. Unrecaptured Section 1250 is depreciation recapture subject to maximum 25% tax rate.
Form 4797 – Nonrecaptured Section 1231 Losses on Sale of Real Estate
Section 1231 applies to property used in a trade or business that was held for more than 1 year. Section 1231 gains are taxed as long-term gains while losses are ordinary. This article discusses Section 1231 as it applies to rental real estate.
How to Complete IRS Form 4797 for the Sale of Rental Real Estate
The sale of property used in a trade or business is generally reported on Form 4797. This article and video tutorial cover Form 4797 reporting for the sale of rental real estate.
What is the Section 663(b) Election for Trusts and Estates
The Section 663(b) election is informally referred to as the 65-day election. This election allows a trustee or fiduciary to make distributions to beneficiaries after the end of a fiscal year and have them apply to the prior-year.
How to File Form 1120 with a Form 5472 for a Foreign-Owned US Corporation
A U.S. corporation with non-U.S. ownership must file a Form 1120 corporate income tax return each year. In addition, it also must file Form 5472 if the corporation had any reportable transactions.
Schedule R: Distributions from a Foreign Corporation with IRS Form 5471
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). The Schedule R is included to report any distributions from the foreign corporation.
Where to Report Subpart F Income on Form 1040
Subpart F income is income from a controlled foreign corporation (CFC) that is taxable to U.S. shareholders. This article and video discusses how to report Subpart F income on Form 1040.
Category 3: Indebtedness Statement of a CFC on IRS Form 5471
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). A Cat 3 Statement may be required by certain U.S. shareholders.
Schedule Q: CFC Income by Groups of a CFC on IRS Form 5471
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). The Schedule Q is included to report any group income from the CFC.
Schedule O Part 1 & 2: Organization and Acquisition of Foreign Stock of a CFC on IRS Form 5471
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). The Schedule O is included when the foreign corporation is initially formed, or when sufficient stock is acquired.
Schedule J: Accumulated E&P of a CFC on IRS Form 5471
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). The Schedule J is included with Form 5471 to report the accumulated earnings and profits of the foreign corporation.
Schedule P: Previously Taxed E&P of US Shareholders of a CFC on IRS Form 5471
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). The Schedule P is included to report the previously taxed earnings and profits of the controlled foreign corporation.
Schedule M: Transactions with Related Parties of a CFC on IRS Form 5471
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). The Schedule M is included with Form 5471 to report any transactions with related parties.