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Where Taxpayers and Advisers Meet

IRS Form 5472

BarryG
Posts:3
Joined:Wed Jan 16, 2019 4:16 pm
IRS Form 5472

Postby BarryG » Sun Apr 19, 2020 10:41 am

Rental villa in Florida, USA.
Asset of a SMLLC setup in Florida. (only one person owner of LLC)
Do I have to file IRS form 5472 Information Return of a 25% Foreign-Owned
U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business

What transactions are required to be listed on the form?

Thanks in advance

DavidTreitel
Posts:271
Joined:Thu Aug 16, 2012 4:31 pm

Re: IRS Form 5472

Postby DavidTreitel » Sat Apr 25, 2020 10:45 am

In addition to 5472 filing, there is Form 1040NR filing and you'll want to decide if you wish to make the net election. If you are UK resident I would be as concerned about timely UK corporation tax filing. A US domestic LLC is usually an unconventional entity choice for a UK resident because the two countries take differing views as to how to tax this kind of entity.

BarryG
Posts:3
Joined:Wed Jan 16, 2019 4:16 pm

Re: IRS Form 5472

Postby BarryG » Thu Apr 30, 2020 2:32 pm

Thanks for that.
Do I only report transactions between me and the LLC itself eg. money
transfers to and from the UK


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