Foreign Rental Property

[ReyKafi]

For someone who lives outside U.S. and have a rental property, Turbotax asks questions (from the tax bill) that are not applicable and foreign properties outside the U.S. don't have those. What should we do?

What is the easiest way to report the rental income? The person don't want to deduct anything.

[MarilynG1 · Accepted solution]

If a US citizen wants to report Rental Income on a foreign property, that can be handled in TurboTax.

Depreciation must be claimed as an expense against rental income.

A tax bill is not needed to set up the Property Profile in the Rental section; just a beginning Cost Basis (what was paid for the property, plus any improvements) and an estimated value of land (if known).  Since land does not depreciate, it is not required to be entered.

Here's detailed info to help you on Depreciating Foreign Property.

@ReyKafi 

[ErgoBaz]

I travelled to WI for work for a couple of days. TurboTax is allocating all the foreign rental income as taxable in WI.

Is this right?

[AmyC]

If you are filing a WI nonresident form, your foreign rental income would not be included. It is only included for a resident return.

@ErgoBaz 

[ErgoBaz]

Thanks @AmyC !

I had to fill in the Non-WI income. That did it!