This is a tax planning question.I'm a US Citizen living in Canada with my non-US spouse.We have talked about going into business together.
I understand the Canadian tax obligations, but what would be the US implications of us establishing a partnership in Canada? I have dealt with self-employment tax before, but it seems a partnership comes with a few more complexities.
Keep in mind, in the past it has always made sense for me to file my US tax return as MFS. I would prefer to keep it that way--if we filed jointly, there would be a few extra reporting forms I'd rather not have to deal with.
Partnership income reporting
Moderator: Mark T Serbinski CA CPA
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Re: Partnership income reporting
Mainly, I need to know if this would trigger an 8865 filing requirement... I am thinking no, since I would only have 50% ownership and my wife is not a US person, but is the establishment of a partnership a reportable event? This is not quite so clear to me from the instructions.