Tax status in US - K1 visa

[Wuozopo 4,293]

Here's a chart that gives better specific information about foreign bank and asset reporting and their more official names now, Form 8938 (FATCA) and FinCEN form 114 (FBAR).

 

https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

 

 

[Lusine.k 0]

You can check this guide -  https://www.taxesforexpats.com/guides/passive-foreign-investment-company-8621.html

[US-UK 32]

On 8/16/2017 at 8:43 AM, Wuozopo said:

The example American took a personal hit on the exchange rate when selling because of the difference of the value of his mortgage he took out (converted to USD) vs the exchange rate the day he sold and paid it off (converted to USD). 

This was our situation. Our US tax team reported the loss on the sale and a gain on the currency in the 1040-R. How I wish the house had been a few weeks earlier and part of the 1040-NR that year instead!

 

You haven’t asked for a recommendation but in case you are looking for advisors, I use EY to prepare my returns but look at materials and seminars from smaller firms like Greenback to improve my own understanding and ask (free) questions.