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Get your taxes done using TurboTax
If a US citizen wants to report Rental Income on a foreign property, that can be handled in TurboTax.
Depreciation must be claimed as an expense against rental income.
A tax bill is not needed to set up the Property Profile in the Rental section; just a beginning Cost Basis (what was paid for the property, plus any improvements) and an estimated value of land (if known). Since land does not depreciate, it is not required to be entered.
Here's detailed info to help you on Depreciating Foreign Property.
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March 12, 2024
6:41 PM