Hello everyone,
Pleased to be part of this forum, and hope to contribute in the future with my experiences.
My situation is . My wife is a US citizen and I am a foreigner. I have three properties in Florida since 2017 generating rental income, however I have not filed income taxes since I have been confused and just getting to it. My residency is pending and hopefully should resolve in the following months and hopefully I should have a SSN number soon. Since I thought I'd file 2017 income taxes when I get my SSN i waited, however the journey has been long waiting for my residency.
Now 2018 tax year has come up, I want to file last years income and this years income. My wife is unemployed and we are maintaining our life in the US through the income of the properties.
Now, my questions are;
1)I was recommended to open a LLC to collect rent on behalf of the company so that I could deduct expenses, is it because nonalien residents can't deduct expenses (since they dont have an SSN?)
2) Am I able to deduct expenses when I get my SSN ? (i am very confused about this, and have no clarity on upon searching the internet)
3) I am the head of household, and we've just had a baby . Should I claim my wife and baby on my tax income?
4) How much of a penalty will I have to pay for not filing last years taxes (since i neither had a ITIN nor SSN)
Any clarity would be appreciated about these questions,
Thank you in advance and Kind regards
Pleased to be part of this forum, and hope to contribute in the future with my experiences.
My situation is . My wife is a US citizen and I am a foreigner. I have three properties in Florida since 2017 generating rental income, however I have not filed income taxes since I have been confused and just getting to it. My residency is pending and hopefully should resolve in the following months and hopefully I should have a SSN number soon. Since I thought I'd file 2017 income taxes when I get my SSN i waited, however the journey has been long waiting for my residency.
Now 2018 tax year has come up, I want to file last years income and this years income. My wife is unemployed and we are maintaining our life in the US through the income of the properties.
Now, my questions are;
1)I was recommended to open a LLC to collect rent on behalf of the company so that I could deduct expenses, is it because nonalien residents can't deduct expenses (since they dont have an SSN?)
2) Am I able to deduct expenses when I get my SSN ? (i am very confused about this, and have no clarity on upon searching the internet)
3) I am the head of household, and we've just had a baby . Should I claim my wife and baby on my tax income?
4) How much of a penalty will I have to pay for not filing last years taxes (since i neither had a ITIN nor SSN)
Any clarity would be appreciated about these questions,
Thank you in advance and Kind regards