No, there is no 30% standard deduction for rental properties. There is no difference for US tax reporting if the property is in the US or abroad. You will calculate your net rental income on schedule E.
Report this income under Rental Property, and be sure to indicate the location is in a Foreign Country (See the attached screenshot below. Click to enlarge.)
Go into your
TurboTax return. Not sure you're in there? Click on the orange Take me
to my return button.
1.
Search for rentals and then
click the "Jump to" link in the search result.
2.
Answer Yes to the
question Did you have any rental or royalty income and expenses?
3.
Follow the on-screen instructions as you
proceed through the rental and royalties section.
o We'll
first ask you to enter general information about your rental (description,
address, ownership percentage, etc.)
o Eventually,
you'll come to the Rental Summary screen which is where you
enter your:
·
Rental income
·
Rental expenses
·
Capital assets and depreciation
·
Vehicle expenses
If you paid
Foreign Income Tax on the profit from your rental, you may qualify for a
Foreign Tax Credit
or
a deduction. Follow these steps to see enter information about the foreign income tax you paid in TurboTax:
- Open (continue) working on your return in TurboTax.
- Enter the your foreign rental income and expenses.
- If you have any other foreign income, enter it before continuing.
- Search for foreign tax credit, then click the "Jump to" link in the search results.
- Click Continue and carefully follow the onscreen instructions. Note that rental income is considered Passive Income.
- In most cases, taking the credit works out better than the deduction. TurboTax will help you decide which one is best for you when you go through the foreign tax screens.
See the TurboTax FAQs below for more information about reporting foreign income and claiming a credit or deduction for foreign income taxes.
https://ttlc.intuit.com/replies/3302405
