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Re: Foreign rental

Initiate

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Hi,
I have rented my home in US, got me $8000 on rent, paid 2000 in taxes, 1600 on insurance, 800 on administration from realtor. But had to repair roof from storm damage which costed $10000, according to HRblock I can not include the $6400 as a deduction as their software does not allow to put foreign income negative, so put as other deduction as “rental roof repair” searched in Ato website but only could find that I can put expenses as deduction, is this right or HRblock software is wrong? HRblock advisor say to remove this from other deductions. Thanks for help
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Most helpful response

Former Community Support

Replies 0

Hi @Jparga 

 

Thank you for your question. There is a similar question here which I believe will assist you: Foreign rent loss.

Here are the paper Individual Income Tax return Instructions 2020 - Item 20 Foreign source income and foreign assets or property 2020.

Go to Part C Did you receive any foreign rental income. There are instructions for how to calculate your figures. Finally it says it you made a loss, print L in the loss box at the right of R item 20. The myTax 2020 foreign rental income page instructions are here.

 

Hope this helps

2 REPLIES 2

Most helpful response

Former Community Support

Replies 0

Hi @Jparga 

 

Thank you for your question. There is a similar question here which I believe will assist you: Foreign rent loss.

Here are the paper Individual Income Tax return Instructions 2020 - Item 20 Foreign source income and foreign assets or property 2020.

Go to Part C Did you receive any foreign rental income. There are instructions for how to calculate your figures. Finally it says it you made a loss, print L in the loss box at the right of R item 20. The myTax 2020 foreign rental income page instructions are here.

 

Hope this helps

Initiate

Replies 0

Thanks! Now will need to deal with the correction with HR block.