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Daly City California online Form 5471: What You Should Know

Form 8947 — U.S. Tax on Income From a Foreign Source If the U.S. source income on your tax return includes income from a nonresidential real property investment, then you have to file your taxes on a form 1045. The Form 8947 is your copy of Form 1043 or 1040 that was approved by the U.S. Treasury Department. Form 9040 — Form to Report a Foreign Bank Account (a) For taxpayers other than certain foreign financial institutions, or other persons who file a paper Form 1099-B: (1) If the amount you report on Form 4797 is greater than 10,000, you must obtain a letter from the financial institution. The letter should inform you how you can claim the exception to reporting on Form 1099-B and include a copy of the Form 4838 (which you should obtain from the agency). You should also keep a copy of the bank statement or statement of account for Form 4797 reporting the information on a separate sheet of paper and make the original copies available to your tax preparer, financial institution, or other authorized representative. You need this information to apply the exception to the reporting of Form 4797. (2) If the amount you report on Form 4797 is 10,000 or less, you do not have to get a Form 4838. Instead, you can also complete Form 4053A (Foreign Bank and Financial Account Report). An authorized representative of the taxpayer can use these instructions, but is not required by law to get the Form 4838. The Form 4053A instructions include sample instructions that can be downloaded from your local copy of the IRS's website. (b) For certain foreign financial institutions and certain individuals with gross income from sources within the United States, or whose foreign financial account income is from sources within a country other than the United States, you must obtain a letter from the financial institution. The letter must inform you of the exception to reporting in section 1.8071-5(b)(4) of Internal Revenue Code of 1986. You must submit Form 4797 and a copy of Form 4838 in the same envelope. The copy of Form 4838 is your copy of Form 1043 or 1040, you must complete sections (a) and (b) of Form 4838 and attach copies of Form 4053A Form 4053A Instructions (c) If filing a Form 4053A, section (b) does not apply.

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