I've owned a foreign property since 2020. It generates about $9000 in income. I have not reported this income because I dont see a $1 of it.
Here is my situation…
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The property construction was financed by my moms brother. There are no receipts no documentation on how this was done
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My mom controls the income generated by this property. She is not a easy person to deal with
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She opened a bank account in my name in a foreign country. She has all the details of this account. The rental income is deposited to this account
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I can confirm that the property is in my name as it was inherited to me by my grandfather
I honestly dont know how to deal with this situation. The country is half way across the planet. When the time comes to sell the tax implications are going to be insane to deal with.
I do know she pays some of that $9000 dollars to pay back my uncle by spending money on any property related expenses including income tax in this foreign country.
My mom opened a foreign bank account in my name and controls the finances of a property
byu/SmushBoy15 intax
Posted by SmushBoy15
3 Comments
Regarding #3: Are you aware of FBAR reporting requirements, and have you been compliant if you have to report? This needs to be addressed immediately. That is far more critical than future tax implications.
This sounds pretty complicated due to the foreign tax component. You should provide the country of the property, where you live, and whether you’re over 18 just for starters.
Your mom is screwing you over. Its going to eventually catch up to you and all be in your name.