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WHAT’S NEW
IRS Form 1042-S is the Foreign Person’s U.S. Source Income Subject to Withholding form.
This form is used to report the amount of income received on your behalf by your booking agent or management company. The form is prepared by the management company or withholding agent, submitted to the IRS and copied to the rental property homeowner. You should receive your copy of Form 1042-S by March 15th every year and include it with your annual compilation of information to your accountant.
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