andreactamayo
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12-07-2019
01:36 AM
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Solved! Go to Solution.
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itonewbie
Level 15
12-07-2019
01:36 AM
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Yes, you can. It's in the passive basket but subject to high tax kick-out. Rental expenses are directly allocable for FTC purposes. But very often, you would end up with a loss and not having any limitation to claim the credit on because of SLL/OFL.
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itonewbie
Level 15
12-07-2019
01:36 AM
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If you don't like the answer, you are probably doing it wrong and should read up on the topics highlighted in the response.
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andreactamayo
Level 1
12-07-2019
01:36 AM
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I’m sorry. I didn’t mean to be rude. I really appreciate your answer.
itonewbie
Level 15
12-07-2019
01:36 AM
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Not a problem, @andreactamayo. Just want to make sure you are aware of the critical factors to consider.
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andreactamayo
Level 1
12-07-2019
01:36 AM
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It’s a complex topic. It’s my first time calculating this credit, so I’m trying to find a simple example to understand better what calculations should I do. Do you know where can I find an example for rents ?
itonewbie
Level 15
12-07-2019
01:36 AM
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I don't know if you'd find any example for rent but FTC is a complex topic. If you have not already, you should study in details Pub 547 and the instructions for F.1116. You will learn a lot from these readings and various concepts are explained - although these are still difficult reads, it'd be worth the while.
In case you are not comfortable preparing returns with international elements, at least for now, you would be well advised to farm the return out to someone who is more experienced in this area.
In case you are not comfortable preparing returns with international elements, at least for now, you would be well advised to farm the return out to someone who is more experienced in this area.
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Marc-TaxMan
Level 8
12-07-2019
01:36 AM
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I don't understand what @itonewbie said, but I believe him: https://proconnect.intuit.com/community/Discussions-Tax-Reform/Meet-Our-AllStars-itonewbie/m-p/1194#...
itonewbie
Level 15
12-07-2019
01:36 AM
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Thanks for the props, @Marc.TaxMan
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