Carl
Level 15

Investors & landlords

TurboTax reports a loss (as expenses and depreciation are more than the rent itself)

That's expected. Rarely does long term residential rental real estate show a profit "on paper" at tax time. Typically, when you add up the deductible expenses of mortgage interest, property taxes, property insurance and depreciation, those four items alone can easily exceed the total rental income received for the tax year. Add to that other deductible expenses such as maintenance and repairs, and you're practically guaranteed to show a loss every single year.

 

and zero deductions, probably because my overall income is above 150k.

Yes, your income is over the threshold apparently, for your filing status. But it's not lost. The unallowed loss just gets carried over to the next year. It's common for PAL carry over losses to increase with each passing year too. Generally, you can't realize those losses until the tax year you sell the property. In any tax year your income falls below the threshold, you'll be able to deduct a maximum of $25K of those corry over losses against other "ordinary" income.

The property taxes paid are claimed on the SCH E, as there's a spot in the rental expenses section that specifically asks for "real estate taxes". Any other foreign tax paid that is not a real estate tax should be claimed outside of the SCH E under the Deductions & Credits tab.

Under that tab is a section for "Estimates and Other Taxes Paid". There is a sub-section in there for foreign taxes paid.