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Jambodj Jun 16th 2019 10:03 pm

Foreign property taxes
Hey everyone,

I have been searching for any other threads but couldnt find exactly what i was after. Everyone has been helpful on here so here goes!

I moved to the US four years ago on an L1 visa and recently got a greencard. I have a property in the UK which i rent out and pay tax on it in the UK. My wife has had a huge panic that we havent filed taxes properly here and was talking about "schedule e". I wanted to start here if anyone had any experience of this


Cook_County Jun 17th 2019 7:43 am

Re: Foreign property taxes
The rental income & expenses would have been reported each year to the IRS on Schedule E. If your US returns have been incomplete, most folks would use the IRS SDOP - Streamlined Domestic Offshore Procedures - to catch up.

This will especially relevant if you sold a property in the UK whilst US resident and overlooked reporting the US taxable foreign mortgage gain as well as any gain on the sale or/and if you have bank and financial accounts in the UK (including pension plans) that were not reported on FBARS and Form 8938.

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