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Form 4562 Texas: What You Should Know

Before filing for this form, get the “taxpayer information release,” or TINNING. What is a “1031 exchange”? — TIN The “1031 exchange” allows your business to receive certain income generated by income that is made outside the U.S. The exchange is also called an “exchange of goods or services.” If the IRS confirms that you were properly notified of this, you can claim any foreign tax credits and may even qualify for an extension of time to pay taxes. It is also possible that your income from the foreign country would be considered “taxable income” (subject to U.S. tax) and therefore taxed on a foreign source basis. There are many types of exchanges. An exchange of income tax may be a return of income or gain from the foreign country, a refund of foreign tax payments or a claim for refund of foreign tax paid. A number of different procedures are used for a 1031 exchange. Generally, a payment must be in U.S. dollars. However, some exchanges may be accomplished by exchanging cash payments in the same currency (in a foreign currency). There are many types of exchanges. The most common kinds include: The income or gain from the exchange is paid to your foreign business, or to one of your foreign business partners. You receive a tax deduction for the amount you paid as a deduction. The amount of income or gain is used by your foreign business. It is used immediately or through an installment arrangement. Foreign income is used by a U.S. corporation in making U.S. federal income tax filings or by U.S. investors in certain types of non-U.S. stocks to fund their U.S. accounts. The income or gain from the exchange is used to fund the cost (expense) of property you acquire from a U.S. person. (If you used the payment from a foreign country to purchase the property, you would be required to use the depreciation method (GST) or an amortization method of accounting to reduce the cost (expense) of the property.) This would be similar to a U.S. depreciable property for domestic corporations. You may receive a refund of the excess of your foreign income over your U.S. adjusted gross income (AGI).

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