Question
How do I report foreign source RENTAL income in Lacerte?
Folks, clients have residential property overseas which they rent out. I report the income on a Schedule E, correct?
In the state field, do I enter "US" to indicate that the income was not local?
And how do I report the income as foreign-source so that a larger portion of foreign-source tax payments can be claimed? It looks like if I add it to the Form 1116 by adding a new entry in Window 35.1 it double-counts the income.
Thanks!
Thanks.
Micah
In the state field, do I enter "US" to indicate that the income was not local?
And how do I report the income as foreign-source so that a larger portion of foreign-source tax payments can be claimed? It looks like if I add it to the Form 1116 by adding a new entry in Window 35.1 it double-counts the income.
Thanks!
Thanks.
Micah
