How do I file the income I earn from the rental property overseas?

You enter your income and expenses on Schedule E just as you would for a property in the US.  If using the TurboTax online editions you will need the Premium edition.  Any of the TurboTax desktop editions can be used for the rental property.

You will need to convert all foreign income to US$ dollars 

 

Click on Federal Taxes (Personal using Home & Business)

Click on Wages & Income (Personal Income using Home & Business)

Click on I'll choose what I work on

Scroll down to Rental Properties and Royalties 

On Rental Properties and Royalties (Sch E), click the start button

Thank you for the answer.
How I deduct the foreign taxes for the foreign rental income?

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@kndeev wrote:

Thank you for the answer.
How I deduct the foreign taxes for the foreign rental income?

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Foreign taxes paid are entered on a Form 1116

 

To enter Foreign taxes paid -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Estimates and Other Taxes Paid
On Foreign Taxes, click on the start or update button

Foreign property taxes are just deducted as property taxes.  There's a place to enter those.

 

Foreign income taxes paid on the rental income that you earned are entered as foreign taxes under the deductions and credits section of your federal return.

 

@kndeev 

Thank you for the answer.
In my case it's income tax paid in the foreign country got the foreign rental property. 

If you paid income tax in another country on the income from your foreign rental, you may be able to claim the Foreign Tax Credit.

 

Taxes paid to other countries qualify for the FTC when:

• You paid the tax on your income to a local or provincial government.
• You were legally obligated to pay the tax
• You have already paid or accrued the tax.
• You did not gain from paying the tax.

See this TurboTax tips article for more information.