Hello,
I'm filing Form 1116 Foreign Tax Credit for the first time & I'm wondering if I can claim rent paid in the foreign country. The amount of my refund increases significantly, so I want to make sure I'm doing this correctly. The client sent gross income & net income. I'm guessing I enter the gross amount, but please confirm that that's correct. Please help. Thank you!
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I'm normally curious, so - where are you deducting the rent on the return?
Rent may be part of the Exclusion on 2555. You need to provide more information. It sounds like this process is pretty foreign to you. Share info and probably get some excellent help.
@George4Tacks @IRonMaN @Just-Lisa-Now- always amazes me when original poster doesn't reply to questions from others who are trying to help that original poster... I don't know....
Good morning, My client has dual citizenship in US & Germany. He returned to Germany & found a job several hundred miles from his home in Germany & paid rent for 2 years. Yes, this form is new to me & the IRS instructions are a little difficult to interpret. I'm guessing he gets a credit for taxes paid to Germany, as the name of the form implies. But I thought I read that he can also claim rent. Do you have any instructions I can read to help me complete this form? I appreciate any help you can share.
Thank you,
Sharon Moreno
You should try Google-ing .How to complete Form 1116 for dual citizenship taxpayer
I found this IRS Webinar https://www.irsvideos.gov/Webinars/AnOverviewOfTheForeignTaxCredit
@sharmoren0112 for safety and security purposes you should not leave your name on this forum and any other thing that can identify your personal data... malcontent hackers are everywhere... I think there is a way you can delete your name from that post, I think if you hit those three dots or whatever and you can get to the delete part
I have a LOT on my plate these days & don't always have time to come back to this wonderful resource. I appreciate the help, even though my failure to return caused a comment I deserved.
OMG, DKH, I LOVE you! this is a HUGE help & I'll finally be able to finish my return! Reading IRS instructions is daunting & I prefer an oral explanation. Thank you, thank you!
You are Welcome 😊
I'll look at that & fix it. Thank you!
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