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I have a rental in Brazil. I'm trying to report this as a regular rental income, is this the right place? Which exchange rate should I use to convert BRL to US dollar?

I received several monthly payments in BRL, but I never actually converted this to US dollars.
I also paid foreign income tax related to this rental.
I paid property tax in Brazil.
The property was not rented for the entire year, but most part of the year.
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1 Reply
ThomasM125
Expert Alumni

I have a rental in Brazil. I'm trying to report this as a regular rental income, is this the right place? Which exchange rate should I use to convert BRL to US dollar?

You need to report the rental income and expenses in TurboTax like you normally would, in the Rental, Royalties, and Farm section. Then, go to the Deductions and Credits section and look for Foreign Tax Credit under the Estimates and Other Taxes Paid section to enter your foreign taxes paid. You may get a credit for your foreign taxes.

 

You need to convert your income and expenses paid in Brazilian currency to US dollars. You should use an average of the exchange rate conversion factor for the period of time you had the property rented.

 

 

 

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