Presently I file personal US tax returns for a US rental property (purchased 2010 in my personal name). To date I've never had to pay any income tax (fed or state).
I've filed an IRS Form W-8ECI with the property mgmt company so they don't do any tax withholding on their monthly rent remittances to me.
Being I have a Form W-8ECI in place, is a 871(d) election still required to get favourable tax withholding treatment (i.e. on net gain vs gross proceeds) upon future sale of the property? I have not made such election to date.
Thanks very much for any insights.
I've filed an IRS Form W-8ECI with the property mgmt company so they don't do any tax withholding on their monthly rent remittances to me.
Being I have a Form W-8ECI in place, is a 871(d) election still required to get favourable tax withholding treatment (i.e. on net gain vs gross proceeds) upon future sale of the property? I have not made such election to date.
Thanks very much for any insights.