Question

Question on Foreign Rental Income

Forum|Forum|5 years ago
March 14, 2021
1 reply
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Hi.

I have entered the foreign rental income and it's in 1099-MISC and I don't know what to enter for EIN and it's not allowing me to submit my tax returns. Please help me to submit the rental income from foreign country ( India ).

DaveF1006

Instead of reporting the 1099-MISC directly in the return, delete the 1099-MISC and file according to these precise instructions.,

Go to federal>income and expenses>all income>>show more
Rentals, Royalties, and Farm>show more
Rental Properties and Royalties (Sch E)>start or revisit
Enter all your information here instead of reporting the 1099 MISC
Note: When you enter the depreciation on your property, , pay attention to detail and make absolutely certain that you select the checkbox to indicate that it is foreign rental property. Otherwise, your depreciation will be wrong.
Domestic rental property is depreciated over 27.5 years.
Foreign rental property placed in service *BEFORE* 2018 is depreciated over 39 years. Foreign rental property place in service in 2018 or *AFTER* is depreciated over 30 years.

[Edited 03-14-2021|12:17 PM PST]