Hi,
When I Use Form 1116, to get foreign credit should I take the Gross salary and rent or is it net?
Thanks
Hi,
When I Use Form 1116, to get foreign credit should I take the Gross salary and rent or is it net?
Thanks
Use the gross salary.
Use net rent.
You CANNOT claim rent and salary on the same Form 1116, because rent and salary are different types of income.
Thank you so much for your response. I appreciate it.
To be clear, for the salary, you need to file Form 1116 for "general" income, and for the rent, you need to file a separate Form 1116 for "passive" income.
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