I collect rent from property in Mexico, do I report that on my 1040?
Saturday, December 26th, 2009 at
1:03 am
Comments (1)
I own some houses in Mexico and rent them out. I keep most of the proceeds from these houses in Mexican banks. when I travel to Mexico I almost exclusively use fund from these accounts.
Do I really have to pay the USA income tax on the whole amount or just what I bring to the USA? Is there any way to exclude this income from US income tax?
If I have to include ALL the income, do I treat the property as if it were in the USA (depreciation, repairs, travel, etc)?
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