If you paid income tax in another country on the income from your foreign rental, you may be able to claim the Foreign Tax Credit.
Taxes paid to other countries qualify for the FTC when:
- You paid the tax on your income to a local or provincial government.
- You were legally obligated to pay the tax
- You have already paid or accrued the tax.
- You did not gain from paying the tax.
See this TurboTax tips article for more information.
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