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Form W-8BEN for Moreno Valley California: What You Should Know

You are required to report your status on Form W-8 if the nonresident alien in whose hands your U.S. assets reside claims (or is deemed  to have claimed by the IRS) the status of “Beneficial Owner”. This means: No more than 25% of the value of your total property is owned by an individual living outside the United States. All property is required to be included on Form W-8. Form W-8BEN does not have a dollar limits. What You Need to Report on Form W-8BEN If You Have a Beneficial  Ownership For Tax Purposes for Individuals Do NOT include any assets that are not your primary residence, like rental real property See this helpful video for IRS You MUST provide the current year's income (to the Internal Revenue Service) before you complete Form W-8BEN You may complete Form W-8BEN even if you have the same tax liability as a “resident” (i.e. you claim your U.S. home and pay U.S. (and/or foreign) taxes) You may include certain assets to establish your status as a 'nonresident and exempt from U.S. tax on your U.S. income tax return (e.g. foreign currency, bank accounts/deposits, etc) If a non-resident alien in your hands the U.S. assets (i.e. stock, bonds, mutual fund, etc) are no longer yours, and you must pay U.S. taxes. You can use up to 25% of the excess value of your total assets (not net worth or cash) as your sole basis for determining your “NRA” status and “Beneficial Owner” status under the IRS law. This does not mean you can own everything you own, but it does mean that the value of your property is no longer your primary residence (i.e. U.S. homes and personal property) as you are required to pay U.S. income taxes. However, if your “resident” status and your beneficial ownership are determined by the IRS (and this applies to all non-resident aliens) and you owe U.S. income tax, then you can use up to 75% of your excess assets to be used for the sole purposes of reporting “income and other information” and/or filing Form 1040 to report that information.

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