You live abroad, not an American citizen or Resident Alien, but - TopicsExpress

You live abroad, not an American citizen or Resident Alien, but own rent producing property in the US. Do you need to file a US income tax. Yes!! But as with most tax laws, the real answer is depends. Again this is self declaration and your choice. If you do opt to file, then you must attach "form W7" to your return. Form W7 is your application for an ITIN or Individual Tax Identification Number. Scenario: you but a condo in Miami for $120k, and rent it for $800/mth. You have a mortgage of $600 and taxes of $100/mth. So it appears you have a $100/ mth profit. Actually no. The depreciation on this property is approx $361/mth, so you really have a $261/ mth loss. In this case if you file no harm. You can elect in any year to withdraw the election to file by completing" form 1040x. Arlene, I hope this answers your question.

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