I contributed cash and equipment to my foreign partnership. Do I need Schedule O of Form 8865?
I'm a U.S. person and I contributed $100,000 in cash and some computer equipment (worth about $20,000) to a foreign partnership that I'm a 40% partner in. My tax advisor mentioned Schedule O of Form 8865 but I'm not sure what triggers this requirement. Is every contribution reportable? The partnership is based in Singapore and has three other partners who are not U.S. persons.
Related Questions
I transferred my software IP to my foreign corporation. Do I need Form 926?
I'm a U.S. person and I recently incorporated a company in Ireland for tax and business reasons. I transferred ownership of my software intellectual property (valued at approximately $2 million based ...
What goes on Form 8858 Schedule M and how do I report transfers to my foreign entity?
I filed Form 8858 last year for my foreign disregarded entity but my preparer left Schedule M blank. This year I transferred about $30,000 from my U.S. account to the entity's foreign bank account for...
My parents overseas sent me $150,000 as a gift. Do I need to report this to the IRS on Form 3520?
I'm a U.S. citizen and my parents who live in India sent me $150,000 as a gift to help with a house down payment. I know gifts are generally not taxable to the recipient in the U.S., but a colleague m...
I'm a U.S. person with a 60% interest in a foreign partnership. Do I need Form 8865?
I'm a U.S. citizen and I have a 60% interest in a partnership organized in Germany. The partnership operates a consulting business there. I've been reporting my share of income on my Form 1040 but was...
What foreign financial assets do I need to report on Form 8938 under FATCA?
I'm a U.S. citizen living in Singapore. I have a bank account with about $150,000, a brokerage account with $80,000, and I hold stock in a Singapore private company worth about $200,000. I've been fil...
When do I need to file Form 5471 for my foreign corporation as a U.S. shareholder?
I'm a U.S. green card holder and I own 60% of a company incorporated in Canada. The company has been operating for three years and generates about $500,000 in revenue annually. A friend who is also an...
What is Form 8858 and does my foreign disregarded entity need it?
I'm a U.S. citizen living in the UK and I have a UK limited company that I elected to treat as a disregarded entity for U.S. tax purposes. My CPA mentioned I might need to file Form 8858 in addition t...
How do I send international wire transfers from my foreign LLC's U.S. bank account?
I have a Mercury account for my foreign-owned LLC and I need to send money to myself in my home country (Poland). What's the process for sending an international wire from Mercury? What information do...
Do I need to file Spain's Modelo 720 for my U.S. LLC and bank account?
I've heard horror stories about Spain's Modelo 720 — massive penalties for late filing. The European Court of Justice ruled the penalties were excessive. Has this changed? I have a U.S. LLC with a ban...
I'm a US citizen and 30% owner of a UK company that registered in California. Do I report my BOI?
My UK Ltd company foreign-qualified in California for some business activities. I'm a US citizen and own 30% of the UK company. The UK company is a foreign reporting company under FinCEN. Do I persona...
Have a similar question?
ForeignLLCTax members get expert answers with IRS citations. One CPA consultation costs $200+. Full access is $9.99/month.
Become a Member — $9.99/moDisclaimer: All content on ForeignLLCTax.com is created by a tax professional and is provided for general educational and informational purposes only. It does not constitute tax, legal, or accounting advice, and should not be relied upon as such. Every tax situation is different — for advice specific to your circumstances, please consult a licensed CPA, Enrolled Agent, or tax attorney. By using this website, purchasing a subscription, or accessing any tools or services, you acknowledge that no client-professional relationship is established between you and ForeignLLCTax.com or its operators. This website is not affiliated with the IRS.
