Own a condo in Manila, a flat in London, or a rental house in Guadalajara? If you're a US citizen, green card holder, or resident alien, the IRS wants to hear about the rent you collect on it — no matter where that property sits or what currency the rent shows up in. Here are the basics of reporting foreign rental income correctly, so a straightforward income stream doesn't turn into a compliance headache.

Schedule E is one of the most scrutinized sections of your tax return. From rental losses to K-1 mismatches to passive activity rules, the IRS is watching — and documentation is everything.

Owning a rental property abroad can be both rewarding and complicated—especially when it comes to U.S. taxes. The United States taxes its...