- Tax Consequences of Foreign Investments in US Real Estate
- The American Families Plan Affect on Section 1031 Exchanges
- State And Local Tax (SALT) Workaround is coming to California
- The American Families Plan Potential Impact on Real Estate
- Tax Season is Over. Now What?
- Proposed Initiatives Obtain Funding from Selective Tax Increases
An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number (SSN) from the Social Security Administration (SSA).Your ITIN is no longer valid if it was not used on a federal tax return at least once in the past three years. If you will be filing for 2016, the IRS is recommending that you submit a renewal application along with your federal return to prevent delays in receiving any refunds. If you use an expired ITIN when filing, your return will be processed, but it will be processed without any exemptions and/or credits claimed. Also, you may be subject to interest and penalties for any tax owed as a result of disallowed exemptions and credits. You can renew or apply for an ITIN by downloading Form W-7 (Application for IRS Individual Taxpayer Identification number) from www.irs.gov.
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