UK vs US Tax year alignment
Feb 2nd 2020, 1:13 pm
#16
Just Joined
Joined: Apr 2017
Posts: 19
Re: UK vs US Tax year alignment
For 2019 you'll report UK rental income & expenses on Schedule E and Form 8858. You'll claim UK tax paid to HMRC on rental income during 2019, most likely on the passive Form 1116. Because of depreciation expense, the foreign tax may not result in a great deal if any reduction in US tax payable for 2019.
Feb 2nd 2020, 1:58 pm
#17
BE Enthusiast
Joined: Nov 2012
Posts: 902
Re: UK vs US Tax year alignment
It is always prudent to claim foreign tax credits because excess credits carry forward for 10 years. Claiming the credit now might save tax in any of those 10 years.
