Investor Real Estate Accounts

For real estate investors to keep track of their properties rental performance and tax information in one place.

Federal Income Form 1040NR

This form is the main summary for your total US taxable income. The property net income computed in form 1040 schedule E is an input for this computation and therefore needs to be completed first. This form will take the net income from rental property, from which an exemption amount of $3950 (in the case of a single person filing in year 2014) is removed. The exemption amount increases slightly with the number of dependents actually living in the US. However, a NRA whose family is entirely out of the US will end up with the single person exemption.

  • net income needs to be recorded in the ECI section line 18 and 23, adjusted gross income line 36 is identical
  • tax and credit take the adjusted gross income which is copied in line 37 and 39, and write down the Exemption amount line 40. The taxable income is the net income minus the exemption.
  • the tax amount in line 42 is obtained using the table in instructions for form 1040NR around p57