You report the rental income the same as if it was earned in the United States. You can deduct the property taxes the same, just convert the amount to dollars. Foreign income tax is different, but property taxes on a rental gets the same treatment as in the US.
You only need form 1116 to get a credit for income taxes paid to a foreign country. So, you don't need to bother with the foreign tax credit section unless you receive wage or similar income from foreign sources, or if you pay foreign income taxes.
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