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Deductions & credits
It depends.
- Answering the question on the foreign rental, this would not be excluded income because it is not Foreign Earned income. This would strictly be entered in the Rental properties and Royalties section in your return.
- Yes, you would enter $30,000 as the net foreign income. Be sure though to enter this first your Business and income section in your return and your net income will be the portion of your Foreign income you will report for the exclusion.
- There will be a page where you will enter business related expenses called Deductions Related to XXXX Foreign Income. You will list those employee business related expenses in this section.
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‎January 29, 2024
2:34 PM