Form 1040 (Schedule A) vs. Form 1040-nr 2024-2025

Part-1: How to Prepare a 1040 Non-Resident Tax Return for Your US Rental Properties. Hi, my name is Alan Madden from Madden Chartered Accountant. Are you a Canadian investor in US real estate? If yes, then this video is meant for you. I will show you how to prepare a 1040 and NR tax return for your US rental property. This video is part one of a two-part series. In part one, I will cover form 1040 NR, and in part two, I'll review Schedule II and form 4562. Let's look at the example of Mr. Justin Trudeau, a Canadian resident who lives in Ottawa, Ontario. He is married to a Canadian with one dependent child who is 17 years old. He is the sole owner of a rental property in Orlando, Florida. Step 1: Complete the identification area of form 1040 NR. Enter your first name, last name, and identifying number. An identifying number is an individual tax identification number issued by the IRS. If you do not have one, attach form W7 to the 1040 NR. Return address information and check the corresponding if it is an individual, estate, or trust. Step 2: Complete your filing status. If you are married and live in Canada or Mexico, check 3. Otherwise, check 1 for a single resident of Canada or Mexico. If married, enter your spouse's first name, last name, and individual tax identification number. If your spouse does not have an ITIN, attach form W7 to your 1040 NR return. Step 3: Claim exemptions. Enter the total number of exemptions you are claiming. You can claim an exemption for yourself, your spouse, and your dependents in the amount of $4,050 each. Each person that you are claiming an exemption for must have an ITIN; otherwise, you cannot claim them. Enter your dependents' information. Step...