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05/24/2012 at 04:51PM PDT

Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.

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Contributor

09/20/11 7:22pm PDT

Individual with Rental Real Estate in Canada - do I ADD depreciation to the Sch E expenses?

Taxpayer owns rental real estate in Canada. I am taking the net rental income and expenses from the Canadian tax return. Do I add in depreciation (on the Sch E) on top of the income and expenses from the Canadian tax return?

1 Reply

Accountant Community AllStar

Intuit Moderator

Accountant Community AllStar

09/21/11 10:25am PDT

Latest post

You don't net; you report each item (ideally converted to USD on the transaction date).

Yes, foreign property is eligible for depreciation; you use US depreciation rules regardless of what the Canadian depreciation rules are. ADS is mandatory for foreign property.

If I wanted phone calls, my phone number would be in my profile. If you have a question, post it in the applicable forum.

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