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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Can property rental losses in the US offset rental gains in foreign properties?
Can property rental losses in the US offset rental gains in foreign properties?
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ptax255
Level 7
08-08-2022
08:52 AM
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Hello, can property rental losses in the US offset rental gains in foreign properties?
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TaxGuyBill
Level 15
08-08-2022
12:03 PM
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Yes. But are there any unusual circumstances that you think that the rental gains would not offset rental losses?
In case you are not aware of it, there are some weird rules to take into account for foreign currency gain/loss if there is a mortgage due to exchange rates. If are not familiar with it, you may need to research §988 transactions.
