foreign earned income from rent

J

jintao

Registered Users (C)
hi,

I want to ask the specialists what do i have to do when I have an apartment in Europe and I am renting it out. the rents gets into an account that I also have in Europe. I have also deposit accounts in banks in Europe

I am a LPR living and working in US.

I need your advice on how to fill up the tac return.

Thank you
 
You need to report the rental income on your 1040, just like if it was in US. You can claim expenses and depreciation in the normal manner.
 
Isn't there a rule though about double taxation? If you have paid tax in your home country you most likely will not be double taxed from each country.
 
Yes, you can apply foreign tax credit. That is claim some or most of the taxes paid in foreign country against US taxes. This is done on form 1116.

However, rental income is not "earned" income, nor do you live outside US to claim foreign "earned" income credit. I am mentioning this because of the term you used.
 
Yes, you can apply foreign tax credit. That is claim some or most of the taxes paid in foreign country against US taxes. This is done on form 1116.

However, rental income is not "earned" income, nor do you live outside US to claim foreign "earned" income credit. I am mentioning this because of the term you used.
 
You must log in or register to reply here.
Top