I just paid US federal taxes on rental property for 2020. On my Canadian return I have recorded the rental income as per turbotax premier into form T776. using my Canadian postal code and province. How do I report the US taxes paid and claim the foreign tax credit. Please provide step by step details.
We're more than happy to guide you through the steps. First, The Foreign Federal Tax Credit (FFTC) can be claimed by using the T2209 tax form when you file your return. The amount of the credit depends on whether the income earned abroad is business income or non-business income. The form has separate sections for these two calculations.
Or, if you're using the Online version of TurboTax, please follow the steps:
Note: Please enter the amount of foreign income on the respective income form or slip as well along with this foreign tax credits form. For example, enter foreign rental income in form T776 as well.
For more information, read the TurboTax blog on The Federal Foreign Tax Credit.
and T2209 Tax Form: Federal Foreign Tax Credits in Canada
Thank you for using Intuit TurboTax.
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