lovemahal-1
Level 3
12-03-2023
08:13 PM
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Taxpayer has rental income in foreign country (Philippines) is it going to be reported on Schedule E?
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Level 15
12-03-2023
09:32 PM
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Yes
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
TaxGuyBill
Level 15
12-04-2023
03:25 PM
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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).