celticsanfraner
Feb 1, 2009, 07:37 PM
Scenario:
Rental property in Ireland running at a loss (renting for less than mortgage). Income tax paid to Irish Government.
Question:
1) We earn over $200k, would we get a credit for this loss on our US taxes? I note a previous post mentioned an income limitation.
2) If the property was sold, CGT would be payable to the Irish Government at 22%. Would we get a credit for this when filing US taxes or would we be liable for additional CGT in the US?
Thank you in advance.
Rental property in Ireland running at a loss (renting for less than mortgage). Income tax paid to Irish Government.
Question:
1) We earn over $200k, would we get a credit for this loss on our US taxes? I note a previous post mentioned an income limitation.
2) If the property was sold, CGT would be payable to the Irish Government at 22%. Would we get a credit for this when filing US taxes or would we be liable for additional CGT in the US?
Thank you in advance.