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lovemahal-1
Level 3
December 4, 2023
Question

Taxpayer has rental income in foreign country (Philippines) is it going to be reported on Schedule E?

  • December 4, 2023
  • 2 replies
  • 14 views

Taxpayer has rental income in foreign country (Philippines) is it going to be reported on Schedule E?

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2 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
December 4, 2023

Yes

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    T
    TaxGuyBill
    Level 15
    December 4, 2023

    If you are not knowledgeable about foreign rentals (or businesses), I HIGHLY recommend that you have this client go elsewhere.

    While some circumstances would be reported very similar to a US rental (except for the depreciation), there are other circumstances that require additional forms, foreign gain/loss calculations, and more.  And the penalty for missing some of those items is HUGE ($10,000 per occurrence).

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