Contact UsMy question relates to form 8854 expatriation statement. Can you further define the meaning of the term "met tax obligations"?
The instructions state this includes but is not limited to "your obligations to file income tax, employment tax, gift tax andinformation returns, if applicable, and your obligation to pay all relevant tax liabilities, interest, and penalties.
I have some years for which not all rental depreciation items were included; eg some 9 year items only depreciated for 4 years and missed other years. My question is whether such missing deductions would be considered as incomplete return and having not met tax obligation.
I have some years for which not all rental depreciation items were included; eg some 9 year items only depreciated for 4 years and missed other years. My question is whether such missing deductions would be considered as incomplete return and having not met tax obligation.
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Tax Professional Answers
Chad Hatalla
Based on what you have written, it sounds like you are saying you under reported your depreciation deductions with respect to some of the years in question. If that is the case, then you would have overstated your income (or understated net rental loss). This omission would not prevent you from otherwise meeting your filing obligations as long as you met all other filing obligations as listed (Did you report your foreign financial accounts as well on Form 114, if required?)
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370 weeks ago