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Category: Tax
Satisfied Customers: 12459
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Is it essential to declare entire global property in income

Customer Question

is it essential to declare entire global property in income tax declaration or only that which gives returns by green card holder?
Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.

Goid Morning. My names Lane, I can help here.


Af you are asking about a tax return itself (1040) only items of income are needed. (Interest, rents, capital gains, divideds, etc).


The 1040 is an INCOME tax return.


But for foriegn accounts (FBAR - FinCen114) and specificed foreign assets (8938) you must disclose the asset itself if the asset meets the criteri of each. Many times both frms are needed.


See this table for definition of assets and criteria:

Expert:  Lane replied 11 months ago.

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I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, a Master’s Degree, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986…