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anonymous8
Level 2

Should I report my foreign apartment, even if I'm only renting it as "not for profit"?

I am permanent resident and I own an apartment abroad. I rent it as "not for profit", thus I tax it as other income. I just put the total income on Schedule 1, in "8 Other income." to be exact. But I just write "Not for Profit Rental - $2,000". That's it, there is no more information about the apartment.

My question is: Should I file any other form that would tell IRS, that there is an apartment that I own?

I'm asking, because I owned the apartment before I became US resident (before I even came to the US), so IRS doesn't know about the fact that I own this apartment at all. I'm not sure if it's important or not, but I just wanted to verify.
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MaryK1101
Expert Alumni

Should I report my foreign apartment, even if I'm only renting it as "not for profit"?

There are no IRS reports you must file on the ownership of the apartment unless it is part of a trust or other investment account (specified foreign financial asset)- so the way you are reporting is correct.

 

Per IRS, a specified foreign financial asset is:

  • Any financial account maintained by a foreign financial institution, except as indicated above 
  • Other foreign financial assets held for investment that are not in an account maintained by a US or foreign financial institution, namely:
    • Stock or securities issued by someone other than a U.S. person
    • Any interest in a foreign entity, and 
    • Any financial instrument or contract that has as an issuer or counterparty that is other than a U.S. person.
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1 Reply
MaryK1101
Expert Alumni

Should I report my foreign apartment, even if I'm only renting it as "not for profit"?

There are no IRS reports you must file on the ownership of the apartment unless it is part of a trust or other investment account (specified foreign financial asset)- so the way you are reporting is correct.

 

Per IRS, a specified foreign financial asset is:

  • Any financial account maintained by a foreign financial institution, except as indicated above 
  • Other foreign financial assets held for investment that are not in an account maintained by a US or foreign financial institution, namely:
    • Stock or securities issued by someone other than a U.S. person
    • Any interest in a foreign entity, and 
    • Any financial instrument or contract that has as an issuer or counterparty that is other than a U.S. person.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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