Yes, you should use Schedule E for the condo rental income and expenses. The assets will continue to carryforward and calculate your depreciation each year.
Your property in a foreign country is depreciated over a 30-year or 40-year period, depending on when it was first placed in service for rental use. Instead of the 27.5 year for US residential properties the period is different.
- Prior to 2018, depreciation of foreign residential property was limited to 40-year period.
- 2018 and Future: New assets placed in service now get the lower 30 year period.
No you don't have to list each one separately, however you must keep good records and be prepared for any future sale of one versus all of them at once.
Form 1116 will be used when you have the Philippines income and tax paid. Keep in mind the credit is the lesser of:
- the US tax charged or
- the tax paid to the Philippines.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
