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Old 03-04-2016, 02:44 PM   #1
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Question Tax on Rental Income from Philippines

I am a Filipino citizen living the US (permanent resident). I am in the process of buying a condo in the Philippines as an investment.

My questions are:
1. Once that condo is rented and I am getting rental income from it, what are my tax obligations on the income? Do I have to file an ITR in Philippines and also include it in my filing for my tax return here in the US?

2. Owning a condo also has expenses. Can I use that as a deduction in my tax return? (for PH and for US)?

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Old 03-04-2016, 03:15 PM   #2
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Default Re: Tax on Rental Income from Philippines

I wish to inform you that US tax world wide income thus you will have to disclose your income from renting of property in Philippines in USA. As property is in Philippines thus they may tax income from rental activities as source of income is Philippines. There is a convention between USA and Philippines under which relief may be sought for tax paid in one country in another country under double taxation avoidance agreement.

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Old 03-04-2016, 08:01 PM   #3
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Default Re: Tax on Rental Income from Philippines

You must report all foreign assets. Doing so now is foolish as your husband could claim partial ownership as you are still married in the Philippines. The fine is very high for not reporting foreign investments and assets to the IRS as well as paying the proper taxes.
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