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Form 8109-B Renton Washington: What You Should Know

A Foreign asset on Form 946 For Form 946, individuals/businesses (e.g., limited liability company / limited partnership) with a gross income (or loss) from specified foreign sources must file Form 946 unless they meet the requirements of an exception. Section 946(b). Section 946(a). Section 946(c). Sections 6013 and 9101. Filing Form 9040 with Schedule B Is Not Required. This means that Form 9040 is not required if the income is specified. Section 941. §942(e). Tax Deduction for Qualified Passive Activity Income If you participate in specific business activities that may be subject to tax in one country, but exempt from tax in another, the income from those activities reported on Schedules C and D of Form 1120 is a nonqualified section 117(d) activity. Qualified passive activity income includes income from a business investment that meets both of the following requirements: • The taxpayer has reasonable cause, that is, a good faith belief, that the income is a passive activity; • The amount of income qualifies under the rules for section 117(d) in the country in which the activity is conducted; and • The activities are the primary activity of the business at least half of the time that the taxpayer conducts the activity.  This would be a good thing.  For details please see Form 1120, Schedule C.  Forms 1120 and 946 are the same, but a Form 946 may be filed on separate lines so no need to use 1120 or 946 If you are married, and you file both 1040s and 946s for the same tax year it will add up to 1 tax return for you.  This will prevent duplicate filing and allow you to file 1 return for each tax year.  You should only include one Schedule, the one for the year in which you receive the income. The only exceptions to this are you own a rental real estate property, and you are able to deduct the interest expense on that mortgage on the first return and use this to subtract the total rent from each tax return for each tax year.  If you do not have a rental property you can do a one sheet (one return) Schedule A, one return Schedule H (interest expense — first return), and one return Schedule J (interest expense — second return).

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