My father left me a condo worth more than 250K in another country and I rented it out. How to report both the property and the rental income? A step-by-step instruction applicable to TurboTax 2016 would be greatly appreciated.
Questions:
- I've completed the Foreign Tax Credit and the T1135 forms, but only doing that didn't change my total income. Should I enter more information? Where?
- Regarding the T1135, in Specified Foreign Property # 1, should I fill in the field "Income" with the rent I received from that property?
- Should I enter the foreign rent income as a Foreign slip, too? If so, are the following the only fields that need to be filled in?
- Source country
- Exchange rate
- Other income (line 130)
- Foreign tax paid
- For foreign rental income, it is not necessary to complete the T776 form, is it? (I don't think so because the T776 doesn't have a place to claim the taxes paid, and furthermore it only accepts Canadian addresses.)
