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Do I have to report this income?
I earned gross income from a rental total in year 17K. I paid taxes and money transfer fees there (Brazil). Do I have to paid/report taxes here too?
2 Answers
- Bostonian In MOLv 79 years agoFavorite Answer
Yes, you report that on your US return. Assuming that it's rental real estate you report the income and expenses on Schedule E the same as you would if it was in the US. Include the money transfer fees as rental (banking) expenses. Use the rates of exchange in effect on the dates that you received rents and paid expenses.
You can claim a credit for the foreign income taxes paid on Form 1116. Use the rate of exchange on the date that you paid the tax.
- ?Lv 79 years ago
If you are a US citizen, you are required to report ALL worldwide income. You may not owe, but you must report.