Same information for schedule E and form 1116 for foreign tax credit?

[seraph]

Hi,

I own a property in Australia and rented it out. Also I've filled in the schedule E with total income, expense(mortgage interest, repair etc.).

In the meanwhile, I paid tax to Australia.

I'm trying to fill in form 1116 and noticed that 1116 asks for total income and itemized deduction.

My question:

Can I reuse those numbers from schedule E into form 1116? If yes, those numbers can be in both Schedule E and form 1116. smart check doesn't report any issue.

thanks in advance!

[seraph]

bump for help please.

[DaveF1006]

it depends.  To clarify, was the foreign tax you paid based off the gross income from the rents, net income after expenses were deducted, or the value of the property?

[seraph]

Thanks, Dave. 

the foreign tax is paid with gross income-expenses. 

[DaveF1006 · Accepted solution]

Report the net income that the tax was based on. Do not report deductions since the tax was based on the income minus the expenses. i am not sure what is meant by itemized deduction anyway unless you are taking a deduction rather than taking the credit.