fred wrote:

- quote -

First you have to report your rental income and expenses on
Form 1040 Schedule E to see if you have a gain or a loss.
Then you must complete the 1116 accounting for your rental
income Parts I & II and computing your net foreign sourced
income. Part III has a place for a carry forward of an
unused credit for the same income category (rents &
royalties). Your credit may be limited depending upon
whether you have a gain or a loss and the amount of the
gain.

--
Alan
http://taxtopics.net

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Hello,

I have rental income from France (~3K) for which I paid
taxes to the French government. I have been claiming those
as "foreign tax credit" for 4 years now, with some of it
carried over in 03.

I am pretty sure I need to fill form 1116, as I don't have
any payee statement (1099-INT, 1099-DIV, Schedule K-1, etc).
Turbotax is putting the foreign tax paid in 2003 in line 41
of form 1040, without adding any carry-over amount. In
addition, it doesn't include from 1116 in the return..... I
redid the interview 10zillion times, with no success.
Anybody got confronted with the same issue ? Any trick ?
thanks in advance.

Fred.

PS: last year, I ending up purchasing TaxCut as I couldn't
find a workaround. This year, I probably fill in manually
1116, and submit by mail if I cannot make TT work.

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