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Assuming that you are a US citizen/ resident, I would use the simpler approach of expensing all the taxes associated with this rental income ( property taxes , income tax , other city / local taxes etc. ) under the taxes paid on schedule -E and thus avoid the requirement for form 1116. Thus my gross rental income would still be the gross rents in and therefore match with foreign filings and represent actual rents received.
You are aware that foreign rental real-estate is depreciated different than domestic real-estate ( 40 years vs. 27 years -- Turbo takes care of that if it knows that the property is in a foreign country ) .
I hope this helps.
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