pk
Level 15
Level 15

Deductions & credits

@mftempleton ,while I am not familiar with the screens of the on-line version and/or  what level provides step-by-step interview process for what, am quite familiar with the desktop version  of  Home & Business.

 

Generally, you tell TubroTax that ylou have rental income  --- this should open up questions to let you fill out the  Schedule-E -- this recognizes  rental gross income and all the  allowable expenses including depreciation of the  asset. The net profit/income  is then  transferred to form 1040.

 

Because this a Foreign  Property  and the income of which is being taxed by another taxing administration,  you then  ( under  Credits and Deductions ) tell TubroTax that you  Paid Foreign Taxes.  This will  open up the  Foreign  Tax Credit  form 1116 and help you fill it and compute the  credit that is available to you for the year.

 

TurboTax will need help in deciding which income is foreign ( you have to enter that yourself, assuming that you have other  passive incomes

 

Does this help ?   Is there more I  can do for you ?