Solved
Gross income on foreign rental property Form 1116
On form 1116 for foreign rental income is the value for gross income the income received from renters or the income I receive after expenses i.e. the income I have paid foreign taxes on?
The value for gross income is the income received from your renters, without deducting for expenses. You’ll enter this in Part I, line 1a, Gross income from sources within country shown above and of the type checked above.
In Lines 1a and 1b—Foreign Gross Income in the 2021 Instructions for Form 1116, the IRS states:
Include income in the category checked above Part I that is taxable by the United States and is from sources within the country entered on line i. You must include income even if it isn't taxable by that foreign country.
You can then enter your expenses related to the rental income in the Deductions and losses section of Form 1116, Part I.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
