Electing Resident Alien Status Under Section 7701(b)(4)

[Note:  I am preparing the course materials for an all-day program I am teaching for the California Society of Certified Public Accountants on the taxation of multinational families.  This is a portion of the handout I am writing.] You do not have a green card, and you were not in the U.S. enough days to […]

Step up in basis for nonresident’s assets in irrevocable trust

What “basis” is One of the continuing mysteries of life involves the concept of “basis”. Think of basis as your acquisition cost. This is essential in calculating your capital gain tax after selling an asset. Capital gain is the difference between the sale price and your acquisition cost. The higher your basis — or acquisition […]

Form 1040NR Filing, Tax Payment Deadlines

I received an email from a CPA friend of mine today. She and another person in her office disagreed on a seemingly simple question. They were preparing a Form 1040NR for a nonresident alien and wanted to get an extension of time to file the tax return. They both agreed that Form 4868 should be […]

Alimony Payments to Nonresidents

[I am preparing course materials for an upcoming presentation at the 2012 CalCPA Family Law Conference (01 Nov 2012 in Los Angeles, 02 Nov 2012 in San Francisco; the San Francisco event will be webcast) on the international tax aspects of divorce. This is a piece of what I am working on. It is a […]