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FAQ

I am a F-1 international student on OPT. I recently sublet my rental apartment for 2 days on AirBnB. IRS website says that you do not have to report rental income upto 14 days. So does that even apply for international students?
Update: Any international students considering renting their apartment or home via Airbnb or any similar site will want to speak to an immigration attorney first. In the meantime, I highly suggest you visit these two links: Is it legal for a F1-visa student to rent his/her apartment through sites such as Airbnb? Is it considered passive income?User-13575218621724130352's answer to Can a Canadian TN visa holder host on AirBnB?---The short answer is no, you do not need to report that income because you are currently under the 14 day limit, and I believe that rule applies to you just like any other person with a Social Security Number. However, if later this year you happen to rent the apartment again for a total of 13 days or more, you will need to report that income.To do that, you must fill out form W-8ECI, submit it to Airbnb, and then Airbnb will complete and send you form 1042-S. You will then need to submit that form, 1042-S, to the IRS (see instructions here).This is because the IRS page on Tax Liability of Foreign Students says that tax exemptions do not apply "to employment not allowed by USCIS or to employment not closely connected to the purpose for which the visa was issued." I would say that being an Airbnb host fits into that category.For more details on filing taxes as an Airbnb host, visit their page How do taxes work for hosts? Please keep in mind that I am not a legal or financial professional, and my answer to your question does not constitute solicitation or provision of legal advice. If you have further questions, I suggest you contact your school's DSO and a local tax/legal professional.I wish you all the best?
Can a non-resident alien file taxes to get money back from the 30% FDAP Withholding tax on Rental income from the property he owns in USA?
A2A.The only way to avoid the 30% tax rate on rental property that you, as a nonresident alien, own and that is situated in the US is to treat the rental as effectively connected with the conduct of a US trade or business. You do this by attaching a declaration that you are doing so to a timely filed Form 1040NR in the year that you make the choice and by filing Form W-8ECI with the property manager/withholding agent. If the 1040NR is not filed on time, you lose the choice for that year.Note that if you do this:The property manager will not withhold anything for taxes, which means that even though you pay at a lesser rate you will have to arrange to pay the taxes yourself;The choice remains in effect for later tax years unless you revoke it. If you don't revoke it in a timely manner for the year in which you made the choice, you cannot revoke it for later years unless you have IRS approval.Note also that capital gains from the sale or exchange of US-based real property are always treated as effectively connected income, whether you have made the choice or not. See Chapter 4 of Publication 519 (2021), U.S. Tax Guide for Aliens on the IRS Web site.
Why are deductions under section 10AA allowed?
Hi,We are organizing a great webinar on " Preparing Form 1040NR: U.S. Nonresident Alien Income Tax Return" . This is a course by Stanley I. Foodman is the CEO of CPAs & Advisors.DescriptionLearn about Form 1040NR and its Schedules A, NEC and OI, Forms 8843, 8840, 8833, 8233 according to a taxpayer’s situation, and more. Register for the webinar.Tax advisors must understand the distinctions between a U.S. resident and a non-resident, dual-status or undocumented alien to resolve complex issues when preparing Form 1040NR. Immigration laws and IRS regulations affect tax liability of non-resident aliens and individuals who are not citizens but do reside in the U.S.Objectives of the PresentationDetermine if an individual is or is not a U.S. tax payer, by tax code and treaty criteriaDetermine what form an individual should file, Form 1040NR or 1040Distinguish income by source, U.S. or foreign, and by type, that is, U.S. income Effectively Connected Income to the taxpayer (ECI) or income Not Effectively Connected (NEC) to the taxpayerDetermine the correct tax treatment of such incomeDetermine how many personal exemptions may be claimed on form 1040NRWhy Should you AttendGain critical understanding of the issues faced when filing Form 1040NR. Challenges include taxpayer classification, determination of who should file, non-resident alien election, determination of dual status, how to report income and claim refunds, available deductions and limitations, treatment of spouse and dependents, filing due dates and other common pitfalls.Areas CoveredForm 1040NR and its Schedules A, NEC and OIForms 8843, 8840, 8833, 8233 according to a taxpayer's situationAdvising taxpayers on avoiding, establishing, or ending tax residencyFIRPTA - Foreign Interest in Real Property Tax ActECI rental income election, Forms W-8ECI and W-8BENSales Proceeds and Forms 8288-A and B, 6251Advising taxpayers on avoiding, establishing, or ending tax residencyWho will BenefitTax and accounting professionals who work with expatriates and their employers on income taxation issues and return preparationTax Return PreparersBankersInvestment AdvisorsU.S. Tax Advisors.This webinar is available in our archives.