Filing Tax Return for Costa Rica Corporations

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ExpatDave Serial expat

Member since 27 September 2011

ExpatDaveSerial expat14 June 2017 18:51:46

600

A tax person informed me that I am suppose to file an annual U.S. tax return for the CR corporation that I have my house and car in.聽 I'd never heard this prior to now.聽 Does anyone else do this or heard of this?聽 Thanks.

- Expat Dave

GuestPoster0987 Guest

GuestPoster0987Guest14 June 2017 19:04:55

214245

Yes, even if you have no income from the property, forms must be filed declaring the "stock shares" that you own in a foreign corporation.聽 IRS Form 5471 is used for this purpose in conjunction with Form 8938.聽 There is no additional tax if no income, just a reporting requirement.

ExpatDave Serial expat

Member since 27 September 2011

ExpatDaveSerial expat14 June 2017 19:31:01

600

Thanks Redbeard!

ExpatDave Serial expat

Member since 27 September 2011

ExpatDaveSerial expat15 June 2017 20:21:44

600

redbeard wrote:
Yes, even if you have no income from the property, forms must be filed declaring the "stock shares" that you own in a foreign corporation.聽 IRS Form 5471 is used for this purpose in conjunction with Form 8938.聽 There is no additional tax if no income, just a reporting requirement.

Do you have a tax person that you use that you can recommend?聽 The person I am speaking with is saying $600 to correct the past years of not filing, etc.聽 Seems extremely high to me considering there's income to contend with.

Thanks,
- Expat Dave

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