- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
First, yes, you can complete just one Form 1116 since all of the income is the same category of income (passive).
For the more specific questions you will answer them as follows:
1 - Deductible Home Mortgage Interest - if you itemize your deductions and include mortgage interest, then you include it all here. If you use the standard deduction, do not include any of it here.
2- Total foreign income of type indicated above - this is all of your foreign passive income.
3- Gross income from all sources - all income, foreign and domestic, wages and passive income.
(b) Adjusted Basis of Investment Assets Generating Foreign Income this is the adjusted basis of the your foreign assets that have generated the passive income. (may be the same as your total basis).
(c) Adjusted Basis of total investment assets the basis of all of your investments, foreign and domestic (such as all of your investments in your brokerage account).
**Mark the post that answers your question by clicking on "Mark as Best Answer"