Form 8865 Filing for Foreign Partnerships
Form 8865 is required from US persons who control or have significant interests in foreign partnerships. It's similar in scope to Form 5471 for corporations, requiring detailed partnership financial information, schedule K-1 equivalent disclosures, and analysis of whether any Subpart F or PFIC issues arise through the partnership. The penalty for non-filing starts at $10,000 per form per year.
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What this filing may involve
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- ✓Everything in Premier
- ✓Foreign Earned Income Exclusion (Form 2555)
- ✓Foreign Tax Credit (Form 1116)
- ✓FBAR filing (FinCEN 114) included
- ✓Everything in Expat
- ✓Schedules D & E for investments and rentals
- ✓Foreign asset reporting (Form 8938)
- ✓FBAR filing (FinCEN 114) included
Frequently asked questions about Form 8865 Filing for Foreign Partnerships
Who needs to file Form 8865?
US persons who: (1) control a foreign partnership (Category 1), (2) own 10%+ and the partnership had a contribution or acquisition event (Category 2), (3) have a 10%+ interest at any time during the year (Category 3 or 4), or (4) are required to file as a Category 5 constructive owner.
How is partnership income taxed in the US?
Partnership income flows through to the US partner's return and is taxed at individual rates. Self-employment income from an active partnership interest may be subject to SE tax. Passive income from a passive partnership interest may be subject to net investment income tax.
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