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Did I miss any rental income reporting requirements?
It's the opposite situation of another thread here. The house in my country had been bought by my parents 10 years ago, but they had gifted it to me before I became a Tax Resident, so there shouldn't be any 3520 reporting. I had authorized my parents back home the rights to the gifted property before I went to the US, also while I was a Tax Nonresident. This is for legitimate reason, as I could not directly manage the properties while I am away.
Fast forward, I have a green card now. Ever since my authorization, they have been collecting rent/pay expenses & taxes in the home country and take everything that remains for them - I have received no income/paid no expenses. Did I/they miss any US income reporting requirements?
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‎July 23, 2022
2:03 PM