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giuliana
January 27, 2023
Question

income from foreign rental property

  • January 27, 2023
  • 1 reply
  • 0 views

Hi,

How the income from a foreign rental property reported on schedule E form 1040 affect my tax return?

My question is if without this foreign income my refund would be higher. 

Thanks

    1 reply

    P
    PattiF
    January 27, 2023

    The income from a foreign rental property will affect the amount of your refund because there will be more income that will be taxed and your tax due will be higher. If you owe more in taxes, the amount of your refund will decrease. 

     

    Please see this TurboTax Help article that shows the federal tax rates for 2022.

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