I need to file a 8865 for a foreign partnership. If you're not familiar with that, it's similar to 1065, and I think the question still stands for 1065.==========aslongas you own 10% or more of a foreign partnership llc, you need to file Form 8865 with your US return. But
A U.S. person that acquires a foreign partnership interest has a reportable event if the person did not own a 10% or greater direct interest in the partnership and as a result of the acquisition, the person owns a 10% or greater direct interest in the partnership ,for example, from 9% to 10%. The form shows the income and expense statement of the foreign partnership and the yearly balance sheet/income statement. It also reports details of the partnership and your allocable share of the partnerships income. You must as a US taxpayer report your wordwide income on your US tax return. If you paid taxes in a foreign country on your share of foreign partnership income, you can then claim those foreign taxes as a credit against your US income federal income taxes on sch a of 1040 or line 47 0f form 1040.
I will explain what I have been told to do for my 2013 return:Partnership tax year runs from Nov-Oct, so I will use the data from their Nov 2012-Oct 2013 tax year.=====correct; the return is due on 15th day of the 4th month after the end of the partnership's tax year by 15th of feb 2014.
On the 8865, I will write 'Nov 1 2012 (striking out the 2013) to Oct 31, 2013' for the date range at the top of the form.Is this correct? ==========correct.
The fact that they pre-fill '2013' into the begin range implies that they want me to cover Nov 1 2013 - Oct 31 2014, but this seems unreasonable to me=======Form 8858 is due when your income tax return or information return is due. |