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Fisher97
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Deductible expenses for foreign rental property

For a foreign rental property, what are the allowable expenses (or where can I find them)?

 

Examples include

- Interest on loans

- Property management fees

- Advertising for new tenants

- Insurance

- Body corporate / HOA fees

- Council rates / real estate taxes / property taxes

- Water rates / water use charges

- Accounting fees

- Repairs and maintenance

- Improvements e.g. new oven, repainting, new carpets

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1 Reply

Deductible expenses for foreign rental property


@Fisher97 wrote:

For a foreign rental property,

 

- Interest on loans


 

I highly recommend going to a tax professional that is experienced with foreign taxation, including "Section 988" gains and losses. 

 

In short, the loan on the rental can create additional gains or loss and it can be complicated.  I am almost certain that TurboTax does not assist you with that.

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