US tax delinquency: do I need to file?

spock · Post by **spock** » Fri Nov 25, 2011 9:18 pm

K thanks. That's a big help.

Could you verify if these are the right forms required if i have an rrsp, self-employment income, capital gains, rental income, and tuition deductions?

1040 for each year
Schedule E: rental income
Schedule C and Schedule SE: self-employment income
Schedule D: capital gains
1098T; 8863 or 8917 - tuition deductions
RRSP: 8891
TDF 90-22.1 (FBARs) + cover letter explaining why late
Form 2555 - foreign earned income exclusion.

Do I need anything else, i.e., in respect of property income (depreciation, for example?)

Thanks! The hardest part about this is knowing which forms I need to file

JGCA · Post by **JGCA** » Sat Nov 26, 2011 10:59 am

What is the big deal about e-file, your not up to date you need to come on board, your not willing to pay for an accountant so just paper file to get up to date case closed forget about e-file you need to back file to be on board period.

nelsona · Post by **nelsona** » Sat Nov 26, 2011 11:41 am

You will have to file one or more 1116's for foreign tax credit (only your wages are eligible for 2555).

Also, you may need to do 1116 for your wages too in order to get the $1000/yr per child gift from IRS.

You must depreciate your renatl for US tax purposes.

JGCA · Post by **JGCA** » Sat Nov 26, 2011 1:04 pm

You should get an accountant to do it, rental property issues etc its not as simple as a template get professional help

spock · Post by **spock** » Sat Nov 26, 2011 2:14 pm

Thanks, Im a student so obviously under budget constraints, or else I would absolutely get an accountant.

Does anyone know if i need to claim depreciation if the rental income was only from renting my principal res for a few months while away for school? The income was >$3500 and only for one year.

JGCA · Post by **JGCA** » Sat Nov 26, 2011 6:10 pm

Even a student who owns rental property has to claim depreciation for IRS filings, so have fun

spock · Post by **spock** » Sat Nov 26, 2011 6:18 pm

thx, i appreciate the advice but really no need to be a jerk about it

nelsona · Post by **nelsona** » Sat Nov 26, 2011 7:09 pm

spock your question was answered, so repaeting the question, claiming poverty, and then name calling will result in less attentiveness on our part, trust me.

spock · Post by **spock** » Sat Nov 26, 2011 9:09 pm

I wasn't trying to name call and believe me, your assistance is invaluable. I only felt that JCGA's responses were a bit harsh. Im not claiming poverty - I am not working and don't want to hire an accountant unless I have to because it would be a significant expense at this time. Moreover, I was repeating the question for clarification, not because I'm trying to be a dumbass or evade my filing obligations. Thanks again.