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Investors & landlords
You will need to enter your foreign rental income in the foreign tax credit section of TurboTax. You will need to enter your gross rental income and then the expenses as Definitely related expenses.
To report your foreign taxes paid on foreign rental income
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Click on Deductions & Credits
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Scroll down to Estimates and Other Taxes Paid
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Scroll down to Foreign Taxes
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Click 'Yes" you paid foreign taxes
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Click through the screens regarding foreign interest and dividends
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Click yes that you have reported all your foreign income already in TurboTax
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Click that you want to take a credit
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Answer question about the Simplified Limitation Election
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Choose income type for rental income it will be passive income
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Add your foreign country as the country
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Enter description - Foreign rental
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Enter Income amount that you previously reported in TurboTax- Enter gross rental income
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Enter rental expense totals as Definitely Related Expenses
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Enter your taxes you paid on your foreign rental in the box Foreign Taxes on Rents and Royalties
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Continue through ALL the foreign tax credit screens until done.
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