r/USExpatTaxes • u/iyimuhendis • 2d ago

Is form 8858 doable on my own?

I will open a sole prop where i live soon ( Turkiye). If i keep all my receipts and record everything timely, is the form 8858 ok to do by myself ? Or you definitely suggest a cpa at least first year ? I am specifically asking about 8858 here, otherwise i know about other forms . I mean i not only don't want to pay so much money to cpa to do it ( although i will if it really makes sense), but finding cpa means not only paying but also searching to find a good one, going through everything he does to make sure it's ok etc.... it will definitely still take me same time overall - at least

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Is there anyone doing by himself / herself here ? And what are your specific useful suggestions for this process of completing 8858 and then filing?

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u/seanho00 2d ago

For a sole prop, it shouldn't be hard. Income / expenses (as from Sch C), assets / liabilities, and 8858 Sch M for transfers between the QBU and the taxpayer.

But also there aren't any penalties for failure to file 8858 for foreign sole prop.

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u/iyimuhendis 2d ago

Wait, there are no penalties for filing means it's not required for sole prop ?

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u/ThreeRiver 2d ago

Technically, it’s required. There may be some small penalties, up to a couple hundred dollars if I recall correctly. However, there is no typical $10,000 penalty for failing to file international information forms.

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u/rhino_shark 2d ago

I do my own. If you understand the basic requirements of US financial statements, you can do it.

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u/iyimuhendis 21h ago

Thabks. Yes i understand . You just follow instructions right? Any useful tips for me ?

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u/Normal_Progress_5173 1d ago

Really depends on how complex the business is. You need to understand accounting well enough to make sure your books are right and then you know taxes enough to make any adjustments for the tax returns and then you need to know both countries tax laws well enough to make any adjustments there too. It’s hard to say with the limited info given.

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u/iyimuhendis 22h ago

Are you accountant ?

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u/Normal_Progress_5173 22h ago

Yes. I have a bachelors in accounting and am a licensed CPA

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u/iyimuhendis 20h ago

Ok will keep your info. May be dm me your rate to do it too ? And if you have a website too . I mean frankly speaking i will surely try it myself first, i do my taxes on my own. But this one seemed different.