topic My foreign rental income from the USA is showing on my 2020 tax return under line 12100 &quot;interest and other investment income&quot;. Is this the correct line item for it? in Investors and rental owners https://turbotax.community.intuit.ca/community/investments-rentals/discussion/my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-interest-and/01/2187015#M9485 Sat, 10 Apr 2021 00:18:53 GMT Canadianlad 2021-04-10T00:18:53Z My foreign rental income from the USA is showing on my 2020 tax return under line 12100 "interest and other investment income". Is this the correct line item for it? https://turbotax.community.intuit.ca/community/investments-rentals/discussion/my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-interest-and/01/2187015#M9485 Sat, 10 Apr 2021 00:18:53 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-interest-and/01/2187015#M9485 Canadianlad 2021-04-10T00:18:53Z Re: My foreign rental income from the USA is showing on my 2020 tax return under line 12100 "interest and other investment income". Is this the correct line item for it? https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-interest/01/2232814#M9761 <P><SPAN class="lia-link-navigation lia-link-disabled">Thank you for choosing TurboTax.</SPAN></P> <P><SPAN class="lia-link-navigation lia-link-disabled"><SPAN>It would be more appropriate to report foreign rental income on T776.&nbsp; To do please follow below steps:</SPAN></SPAN></P> <P>&nbsp;</P> <OL> <LI>In the upper-right corner of your screen, select<SPAN>&nbsp;</SPAN><STRONG>Find</STRONG>.</LI> <LI>In the Find window, type Rental Properties.</LI> <LI>Select<SPAN>&nbsp;</SPAN><EM>Rental Properties</EM><SPAN>&nbsp;</SPAN>from the list, and select<SPAN>&nbsp;</SPAN><STRONG>Go</STRONG>.</LI> </OL> <P><SPAN>For&nbsp;</SPAN><STRONG>Foreign Rental Property</STRONG><SPAN>&nbsp;enter your Canadian home postal code for the&nbsp;</SPAN><SPAN>property and your home province for the&nbsp;</SPAN><STRONG>Province</STRONG><SPAN>. In the&nbsp;</SPAN><STRONG>Address</STRONG><SPAN>, enter the foreign country address, including the equivalent of the postal code (such as a ZIP code for US addresses).</SPAN></P> <P>&nbsp;</P> <P><SPAN>Note that the CRA's NETILFE/EFILE servers will accept only the first 30 characters of the address.</SPAN></P> Mon, 26 Apr 2021 17:38:13 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-interest/01/2232814#M9761 thakar88 2021-04-26T17:38:13Z Re: My foreign rental income from the USA is showing on my 2020 tax return under line 12100 "inte... https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-inte/01/2239031#M9838 <P>already posted</P> Thu, 29 Apr 2021 13:51:17 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-inte/01/2239031#M9838 TurboTaxGinette 2021-04-29T13:51:17Z Re: My foreign rental income from the USA is showing on my 2020 tax return under line 12100 "interest and other investment income". Is this the correct line item for it? https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-interest/01/2239419#M9842 <P>Thanks for your reply.&nbsp;</P><P>&nbsp;</P><P>For many years I&nbsp; filed&nbsp; using T776 for my foreign rental property. However, after contacting the CRA they advised it was more appropriate to designate it as foreign income because if I use T776 I accrue RRSP credits which I should not get for foreign income.</P><P>&nbsp;</P><P>I am now of the thought that perhaps&nbsp; it does not matter which way I report it. Foreign income or under rental property. Both ways seems to be acceptable to the CRA&nbsp; and it seems the resulting tax is the same.</P><P>&nbsp;</P><P>Do you agree that either way is correct for CRA purposes or am I missing something here that may come back to bite me in the future?</P><P>&nbsp;</P><P>Thanks Again</P><P>&nbsp;</P> Thu, 29 Apr 2021 17:04:38 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-interest/01/2239419#M9842 Canadianlad 2021-04-29T17:04:38Z
This XML file does not appear to have any style information associated with it. The document tree is shown below.
<rss xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:taxo="http://purl.org/rss/1.0/modules/taxonomy/" version="2.0">
<channel>
<title>
topic My foreign rental income from the USA is showing on my 2020 tax return under line 12100 &quot;interest and other investment income&quot;. Is this the correct line item for it? in Investors and rental owners
</title>
<link>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-interest-and/01/2187015#M9485
</link>
<description/>
<pubDate>Sat, 10 Apr 2021 00:18:53 GMT</pubDate>
<dc:creator>Canadianlad</dc:creator>
<dc:date>2021-04-10T00:18:53Z</dc:date>
<item>
<title>
My foreign rental income from the USA is showing on my 2020 tax return under line 12100 "interest and other investment income". Is this the correct line item for it?
</title>
<link>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-interest-and/01/2187015#M9485
</link>
<description/>
<pubDate>Sat, 10 Apr 2021 00:18:53 GMT</pubDate>
<guid>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-interest-and/01/2187015#M9485
</guid>
<dc:creator>Canadianlad</dc:creator>
<dc:date>2021-04-10T00:18:53Z</dc:date>
</item>
<item>
<title>
Re: My foreign rental income from the USA is showing on my 2020 tax return under line 12100 "interest and other investment income". Is this the correct line item for it?
</title>
<link>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-interest/01/2232814#M9761
</link>
<description>
<P><SPAN class="lia-link-navigation lia-link-disabled">Thank you for choosing TurboTax.</SPAN></P> <P><SPAN class="lia-link-navigation lia-link-disabled"><SPAN>It would be more appropriate to report foreign rental income on T776.&nbsp; To do please follow below steps:</SPAN></SPAN></P> <P>&nbsp;</P> <OL> <LI>In the upper-right corner of your screen, select<SPAN>&nbsp;</SPAN><STRONG>Find</STRONG>.</LI> <LI>In the Find window, type Rental Properties.</LI> <LI>Select<SPAN>&nbsp;</SPAN><EM>Rental Properties</EM><SPAN>&nbsp;</SPAN>from the list, and select<SPAN>&nbsp;</SPAN><STRONG>Go</STRONG>.</LI> </OL> <P><SPAN>For&nbsp;</SPAN><STRONG>Foreign Rental Property</STRONG><SPAN>&nbsp;enter your Canadian home postal code for the&nbsp;</SPAN><SPAN>property and your home province for the&nbsp;</SPAN><STRONG>Province</STRONG><SPAN>. In the&nbsp;</SPAN><STRONG>Address</STRONG><SPAN>, enter the foreign country address, including the equivalent of the postal code (such as a ZIP code for US addresses).</SPAN></P> <P>&nbsp;</P> <P><SPAN>Note that the CRA's NETILFE/EFILE servers will accept only the first 30 characters of the address.</SPAN></P>
</description>
<pubDate>Mon, 26 Apr 2021 17:38:13 GMT</pubDate>
<guid>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-interest/01/2232814#M9761
</guid>
<dc:creator>thakar88</dc:creator>
<dc:date>2021-04-26T17:38:13Z</dc:date>
</item>
<item>
<title>
Re: My foreign rental income from the USA is showing on my 2020 tax return under line 12100 "inte...
</title>
<link>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-inte/01/2239031#M9838
</link>
<description><P>already posted</P></description>
<pubDate>Thu, 29 Apr 2021 13:51:17 GMT</pubDate>
<guid>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-inte/01/2239031#M9838
</guid>
<dc:creator>TurboTaxGinette</dc:creator>
<dc:date>2021-04-29T13:51:17Z</dc:date>
</item>
<item>
<title>
Re: My foreign rental income from the USA is showing on my 2020 tax return under line 12100 "interest and other investment income". Is this the correct line item for it?
</title>
<link>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-interest/01/2239419#M9842
</link>
<description>
<P>Thanks for your reply.&nbsp;</P><P>&nbsp;</P><P>For many years I&nbsp; filed&nbsp; using T776 for my foreign rental property. However, after contacting the CRA they advised it was more appropriate to designate it as foreign income because if I use T776 I accrue RRSP credits which I should not get for foreign income.</P><P>&nbsp;</P><P>I am now of the thought that perhaps&nbsp; it does not matter which way I report it. Foreign income or under rental property. Both ways seems to be acceptable to the CRA&nbsp; and it seems the resulting tax is the same.</P><P>&nbsp;</P><P>Do you agree that either way is correct for CRA purposes or am I missing something here that may come back to bite me in the future?</P><P>&nbsp;</P><P>Thanks Again</P><P>&nbsp;</P>
</description>
<pubDate>Thu, 29 Apr 2021 17:04:38 GMT</pubDate>
<guid>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-my-foreign-rental-income-from-the-usa-is-showing-on-my-2020-tax-return-under-line-12100-interest/01/2239419#M9842
</guid>
<dc:creator>Canadianlad</dc:creator>
<dc:date>2021-04-29T17:04:38Z</dc:date>
</item>
</channel>
</rss>