I am a Canadian who owns 20% of a US LLC earning US rental income. The other 80% is owned by unrelated US residents. Every year I get a US partnership tax form (Schedule K1, Form 1065) showing an allocation of income or loss. I have just been converting the amounts to $C and reporting as rental income in my Canadian tax return. Am I doing it right?
Tax Professional Answers
If you have not done so, you may also want to seek comments from US tax advisers on the US tax considerations.
Meet Leading Tax Advisors
Federal Tax Credits & Incentives Practice Leader
New York, NY
CEO/Certified Financial Advisor
Rancho Santa Fe, CA
San Jose, CA
Long Beach/ Park City, CA