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    aureliedlb's Avatar
    aureliedlb Posts: 20, Reputation: 1
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    #1

    Apr 3, 2012, 07:12 PM
    Form 1040 schedule E
    Hello,

    I'm renting my house in France.
    I'm a resident in US so I have to declare this income too, I will file the schedule E (form 1040) and the form 1116 for foreign tax credit.

    In the schedule E, I can see line 12 "taxe", do I put here too the taxes I paid in France on that income ?
    I have a mortgage in France for that house, can I put in on line 12 or it is just for US mortgage ?

    Thanks a lot !
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 4, 2012, 11:05 AM
    That "taxes" entry for Schedule E is for PROPERTY taxes paid on the house in France.

    You CAn claim the INTEREST portion of your mortgage on the French house; the mortgage does NOT have to be from a U.S. bank.
    aureliedlb's Avatar
    aureliedlb Posts: 20, Reputation: 1
    New Member
    		  
    #3

    Apr 4, 2012, 11:48 AM
    OK I understand.

    Thanks a lot for your answer
    aureliedlb's Avatar
    aureliedlb Posts: 20, Reputation: 1
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    #4

    Apr 4, 2012, 11:54 AM
    I have an other question, I didn't pay the taxes on the property and on the income yet, it will be on June.
    So I wanted to file an application for automatic extension of time (form 4868) and file my return after June. (and pay now what I have to pay)

    Can you confirm I can do that ?

    Thanks again
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #5

    Apr 4, 2012, 02:01 PM
    No, because you must claim the deduction in the year the payment is made.

    You will claim the taxes you pay in June on your 2012 tax return.
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