Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Taxpayer has rental income in foreign country (Philippines) is it going to be reported on Schedule E?
Taxpayer has rental income in foreign country (Philippines) is it going to be reported on Schedule E?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
lovemahal-1
Level 2
12-03-2023
08:13 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Taxpayer has rental income in foreign country (Philippines) is it going to be reported on Schedule E?
Labels
2 Comments 2
Just-Lisa-Now-
Level 15
12-03-2023
09:32 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
TaxGuyBill
Level 15
12-04-2023
03:25 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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).
