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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4995
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I own a freehold time share in Florida and am required to submit

Resolved Question:

I own a freehold time share in Florida and am required to submit a US Tax return 1040NR>
Having downloaded the form I am somewhat baffled as to what information is required.
Is there an idiots guide to form filling or where should I approach for help?

Geoff Barrell
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.

Here is a link to the Instructions to complete Form 1040NR. I have personally used these in the past and found helpful.
http://www.irs.gov/pub/irs-pdf/i1040nr.pdf


If you are stuck then you should seek some guidance from a US Tax Expert on this site.

I hope this is helpful and answers your question.

 

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Customer: replied 3 years ago.

Tis form is about as useless as they come as it does not answer which section is necessary for me to complete. I think I will have to find a tax advisor

Expert:  taxadvisor.uk replied 3 years ago.
Geoffrey, thank you for your reply.

Would you like me to transfer this question to US tax advisor?

Many thanks
Customer: replied 3 years ago.

Can you put me incontact with a US tax advisor or do I have to start again?

Expert:  taxadvisor.uk replied 3 years ago.

Geoffrey, I have asked Category Moderation Team to direct this question to US Tax Experts.

I hope it works.

 

If you wish, I can ask the team for customer refund and then you start again.


Many thanks

Customer: replied 3 years ago.

Thanks I look forward to hearing from them

Expert:  taxadvisor.uk replied 3 years ago.
many thanks and good luck.

Customer: replied 3 years ago.

Do I hang on to be contacted?
I will rate once I get contact

Expert:  taxadvisor.uk replied 3 years ago.
Geoffrey, an expert should reply to your question.

BTW, what information do you wish to report on 1040NR?

Many thanks
Customer: replied 3 years ago.

I don't know what information is required, and or what I can claim.


i.e how to fill in

Expert:  taxadvisor.uk replied 3 years ago.

Geoffrey, to be honest, if you have no income arising in the USA, then the time share is for your personal use (as a holiday home) there should be nothing to report. I presume your stay in the USA is limited to time spend in your time share property.

I have filled the form personally in the past to report income from property and interest received.

Please let me know if I can be of any help, otherwise we can request customer services for a refund.

many thanks

Customer: replied 3 years ago.

I own the freehold of a property which is managed by Club La Costa time share, for which I receive a monthly payment according to how often it is let. I therefor have an income. Can I claim any expences for the running costs and or car hire whilst visiting?

Expert:  taxadvisor.uk replied 3 years ago.
Geoffrey, thank you for your reply.

Yes, you can claim expenses such as
- repairs and maintenace of the property
- payments to Club la Costa time share for management of it
- travel costs associated with visits to the property for checks and reviews including car hire and air fares
- insurance costs

I hope this is helpful and answers your question.

 

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Customer: replied 3 years ago.

You have confirmed what I thought but I still do not understand from the info provided how to fill in 1040NR?, Can you advise a suitable uk based tax consultant who can take on the task

Expert:  taxadvisor.uk replied 3 years ago.
Geoffrey, thank you for your reply.

I am not allowed to take work outside this site. I can not recommend anyone per Just Answer terms.

I am able to help you here.. This is what I did for my return...

Complete main form 1040NR to cover Interest received and or dividends if any and also federal tax withheld.

Complete Schedule E (Form 1040) to show rental income and expenses. You may have to complete Form 8582 (Passive Activity Loss Limitation form) to carry forward losses from property income.

I hope this is helpful.
taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 3 years ago.

I still think it best that I consult a tax consultant to ensure correct details are submitted. As you are unable to advise I will look elsewhere.


Thanks for trying

Expert:  taxadvisor.uk replied 3 years ago.
Geoffrey, thank you for your reply.

I have filed 1040NR in personal capacity. If you have problems completing once you have completed forms I did to report real estate income. then put a question with specific areas of concern and I will help you if I can.

Good luck.

Customer: replied 3 years ago.

|I won't know until I have tried but I think I will look for an accountant!

Expert:  taxadvisor.uk replied 3 years ago.
Thank you for your reply.