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Form 1099-S for Raleigh North Carolina: What You Should Know

S. Citizen or resident alien who is required by the IRS to file Form 1120S, you may use and complete a Form 1096-T to report your annual foreign financial account information, and report foreign financial account activities that may be subject to U.S. income tax reporting requirements for foreign account holders. The Form 1096-T form includes three sections: Section I — Summary section II — Reportable Accounts Section III — Foreign Accounts (Reportable Accounts) The IRS has issued guidance on the meaning of the term “reportable account” that may affect the meaning of certain account transactions or U.S. sources for certain account holders. The IRS publishes in the Code of Federal Regulation a list of reporting categories, each itemized by the term account type and the specific term account holder. The list of account types that are reportable under Section 6103(b)(7) of the Internal Revenue Code include, Income or capital account, or Non-U.S. Government account. The definition of “account holder” as described under Section 6103(b)(7) of the Internal Revenue Code is limited to real and personal property. It does not include a domestic corporation that is a U.S. corporation. A foreign person who holds U.S. real property would not be considered a “reported account holder” for purposes of Section 6103(b)(7) of the Internal Revenue Code, and thus would not be required to submit a Form 1096-T for purposes of that reportable account type. Generally, for purposes of section 6103(b)(7) of the Internal Revenue Code, any transaction at the option of the account holder which is in the ordinary course of dealing in the United States and which is reported on a timely filed Form 5329, Statement of Account, is deemed to be income or gain from the operation of a trade or business in the United States, for purposes of that item. Accordingly, if U.S. real property is the real property being sold, that real property should be reported by the reporting party as an income or loss during the whole time that operation of the real property occurs.

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