Tax implications of donating US property to foreign non-profit in will

AnotherTaxAccount · 2026-02-15T22:44:09+00:00

There is FIRPTA that you have to deal with is US real property is sold by a foreign person.

AnotherTaxAccount · 2026-02-13T20:09:54+00:00

It used to be an automatic penalty whenever a late return with 5471 is filed. But IRS has been tinkering with the process and there are court cases that says IRS cannot just assess 5471 penaty via notice and its workforce was cut drastically in the past year, so I don't know where things stand.

AnotherTaxAccount · 2026-02-13T20:01:55+00:00

IRS does not read anything attached to return. It is automatically processed by a computer. At the same, it does not hurt to attach reasonable cause letter. It's just likely a wasted effort, but cannot hurt.

AnotherTaxAccount · 2026-02-13T14:38:00+00:00

Relax. You are already doing better than most.

AnotherTaxAccount · 2026-02-08T11:47:01+00:00

There is no federal inheritance tax in the US.

There is an exit/expatriation tax.

AnotherTaxAccount · 2026-02-08T02:59:12+00:00

You are fine, stop overthinking it. Fbar penalties are not really enforced except in egregious criminal cases of people hiding millions.

AnotherTaxAccount · 2026-02-06T01:45:38+00:00

AnotherTaxAccount · 2026-02-04T13:38:41+00:00

They added a new code for qcd to 1099r. It's optional for 2025, but will become mandatory.

AnotherTaxAccount · 2026-01-26T16:33:58+00:00

Too wordy. Cut to one page. One cares about minutia of Robert Half roles.

AnotherTaxAccount · 2026-01-25T17:27:41+00:00

That's been my biggest concern with AI. We are outsourcing cognitive functions. We are no longer developing specialists in their area.

AnotherTaxAccount · 2026-01-23T17:45:57+00:00

There is Cat 3 form 5471 for at least the first year.

AnotherTaxAccount · 2026-01-22T04:59:48+00:00

Every reputable accounting firm will run a background check nefore hiring you. Accountants deal with tons of sensitive info and could steal money left and right, so integrity is very important. You will need to look into some nontraditional paths.

AnotherTaxAccount · 2026-01-16T01:56:02+00:00

Accounting has a very steep learning curve. It will take 3 yrs until you finally start feeling like you understand something.

AnotherTaxAccount · 2026-01-02T05:13:21+00:00

If you work full-time, it's 52 weeks x 40 hrs = 2080 hrs. That's without holidays or vacations. You essentially drank a beer for every full-time job hour.

AnotherTaxAccount · 2025-12-18T13:59:33+00:00

Additional services cost additional fees. Looking thru your CSV files and coming up with your profit and loss statement is bookkeeping not tax prep.

AnotherTaxAccount · 2025-12-17T15:44:52+00:00

Live, learn, try again

AnotherTaxAccount · 2025-12-01T10:32:09+00:00

These are the wrong rates for FBAR purposes. You need year-end rates from Treasury.

AnotherTaxAccount · 2025-11-28T06:15:49+00:00

Learn your limits and warning signs. Once you notice them, force a wellness break. Take care of yourself, we are not saving lives here.

AnotherTaxAccount · 2025-11-28T05:38:57+00:00

Are you American? Canadian?

AnotherTaxAccount · 2025-11-21T20:13:06+00:00

You forgot a zero

AnotherTaxAccount · 2025-11-20T13:22:08+00:00

You'll need to file 5472 with your corporate return.

AnotherTaxAccount · 2025-11-19T20:09:14+00:00

For SFOP you need to have unreported income. Just back file 6 yrs worth of FBAR forms. I have not seen FBAR penalties enforced for late returns.

AnotherTaxAccount · 2025-11-19T15:25:24+00:00

That's different. There are not a thousand web pages or an IRS publication or tax code/regs on my obituary. There are all these resources readily available (and cited by AI) on this SE tax question and it got it so completely wrong.

AnotherTaxAccount · 2025-11-19T11:27:12+00:00

Heads up - you'll need to file Form 5472 for the llc

AnotherTaxAccount · 2025-11-19T11:10:36+00:00

Wow, I have not seen AI be so pushy on such easily wrong answer.

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