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I have a potential client who is an American resident but a…

I have a potential...

I have a potential client who is an American resident but a citizen in a different country. She owns real estate in both countries. How does, if at all, the real estate come into play from the foreign country when it comes to preparing her tax return?

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Answered in 7 minutes by:
3/5/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,643
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Customer reply replied 4 months ago
Very good - thank you!

Income and deductions for foreign owned property by a US tax payer is treated the same as rental property held in the US.

If the tax payer is not a real estate professional, then the income and deductions will be reported on Schedule E of the 1040.

The IRS taxes all foreign income of US tax payers, unless they qualify for an exclusion.

If the US tax payer has foreign bank account dues to the rental property, then they may have additional FATCA Reporting.

If a tax is assessed by the foreign country then the tax payer may be able to deduct the foreign tax paid.

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,643
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
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