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Investors & landlords
Foreign rentals are entered in TurboTax just like domestic ones (in “Rental Properties and Royalties,” under “Wages & Income”), with some little twists. (Here’s another Community post about this.)
There’s a “Foreign Country” circle to check about three screens in, where you’re describing the property. The program then knows it’s foreign and sorts out the extended depreciation recovery period (described here) when you get to that point in the interface.
As that first link says, real estate tax paid to Canada goes in the rental expenses, but income tax must be claimed as a “Foreign Tax Credit” (under “Deductions & Credits” / “Estimates and Other Taxes Paid”). See this helpful article about the credit.
@guxin1985, foreign rentals and the credit can both be tricky, but the Community here should be able to help!
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