Taxable Assets?
I co-own a property in the UK (which is rented out) and I was wondering what's the maximum amount we can receive before it's taxable?
I fully intend to declare it- but I believe (I maybe wrong) there is an amount which I can receive before I need to pay tax. Just don't know what that amount is..:confused: |
Re: Taxable Assets?
I believe you need to to state any income above $10,000 for tax purposes regardless of where you get it.
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Re: Taxable Assets?
$10,000?
I'm not getting that much it's less than that.. Thank you..:) |
Re: Taxable Assets?
That's total income. From all sources combined.
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Re: Taxable Assets?
How much tax (if any) you end up paying will depend on your total income (and how you file your taxes).
There is an income threshold below which you do not need to file. For example if you file as "married filing separately" and your income is less than $3950 then you do not have to file. See Publication 17 (2014), Your Federal Income Tax for details |
Re: Taxable Assets?
Originally Posted by Hotscot
(Post 11519640)
That's total income. From all sources combined.
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Re: Taxable Assets?
Originally Posted by brit_usa2014
(Post 11519631)
I co-own a property in the UK (which is rented out) and I was wondering what's the maximum amount we can receive before it's taxable?
I fully intend to declare it- but I believe (I maybe wrong) there is an amount which I can receive before I need to pay tax. Just don't know what that amount is..:confused: 1. Income: Below a certain level of total income, you are not required to file a tax return with the IRS (though it may be worthwhile if you might be due a refund). However, if you are required to file a return, all income must be reported. 2. Assets: Michael is talking about reporting of foreign assets (not necessarily ones that generate income). However, FBAR and FATCA reporting is concerned with financial accounts, not real estate. If you hold the property directly, and not through a company that you own, it is not relevant for these forms. If you have bank accounts that receive the rent from the property, though, these would be reportable, providing you meet the reporting requirements. |
Re: Taxable Assets?
I am not working here in the USA and like I mentioned in my OP, I co-own 1 property in the UK which is being rented out. My share of income (?) from that property is a lot less than $10,000!
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Re: Taxable Assets?
Originally Posted by brit_usa2014
(Post 11519669)
I am not working here in the USA and like I mentioned in my OP, I co-own 1 property in the UK which is being rented out. My share of income (?) from that property is a lot less than $10,000!
Are you located in the US? Do you normally submit a US tax return? Depending on your status you may or may not be below the filing threshold. Here's the latest numbers. http://www.irs.gov/publications/p501...link1000270109 |
Re: Taxable Assets?
Originally Posted by Hotscot
(Post 11519682)
Are you a US citizen?
Are you located in the US? Do you normally submit a US tax return? Depending on your status you may or may not be below the filing threshold. Here's the latest numbers. Publication 501 (2014), Exemptions, Standard Deduction, and Filing Information |
Re: Taxable Assets?
It's not a quiz. It maybe helps if you detail your status when asking for advice.
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Re: Taxable Assets?
I believe, from other posts, that the OP is here on an H4 visa.
(which is why I quoted the "married filing separately" income threshold as an example) |
Re: Taxable Assets?
If your spouse holds an H1-B visa, and the income from this property is your only personal income for 2014, it is very likely that you would do better to file with your spouse as married filing jointly. Doing so would mean you'd have to go to the effort of reporting this income, but it would probably overall save you quite a bit of money. That does depend on your spouse's income and other factors too, though. You'd need to run your combined taxes both ways to be sure.
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Re: Taxable Assets?
Originally Posted by Owen778
(Post 11519725)
If your spouse holds an H1-B visa, and the income from this property is your only personal income for 2014, it is very likely that you would do better to file with your spouse as married filing jointly. Doing so would mean you'd have to go to the effort of reporting this income, but it would probably overall save you quite a bit of money. That does depend on your spouse's income and other factors too, though. You'd need to run your combined taxes both ways to be sure.
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Re: Taxable Assets?
Originally Posted by brit_usa2014
(Post 11519688)
Nope, not a US citizen nor a PR holder
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