[celticsanfraner]

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.

[MukatA]

Assuming you are a U.S. citizen or resident:
1. Yes, you will get credit for loss on rental property subject to the limitations. It is reported on schedule E (Form 1040).

2. If you sell the property, you will report sale on schedule D (Form 1040). You will claim credit for taxes paid in foreign country by filing Form 1116. Read: Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income

[AtlantaTaxExpert]

There is nothing wrong with MukatA's general advice, but there are more variables here than can be adequately covered.

For this reason, you REALLY need to see a tax pro with international tax experience face-to-face.