As cross-border financial activity grows, many U.S. citizens hold accounts and assets outside the United States. To promote transparency and prevent tax evasion, the U.S. government introduced two separate reporting regimes: the Foreign Account Tax Compliance Act (FATCA) and the Foreign Bank Account Report (FBAR)
Foreign Investment in Real Property Tax Act – FIRPTA FIRPTA is a U.S. tax regime that requires non-U.S. foreign persons to pay tax on capital gains from the sale of U. S. real estate. To help secure payment of that tax, the buyer is required
In the United States, rental income can be reported in different ways, depending on how the property is used and how the rental activity is managed. Many property owners are not aware that renting out a house or apartment is not always treated as passive
