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- 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?
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lovemahal-1
Level 2
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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Just-Lisa-Now-
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).
