I have worked out the US Tax poistion arising out of renting a UK property.
The final line is to deduct the accrued UK taxes.
So I calulated using the Inland Revenue method the net income for the period up to 31/12, I am now in a quandry as to what to do about Personal allowances.
Do I just use the standard rate of 22%? and catch up next year when I know what the actual is, or do I have to somehow apportion my allowances against the rental income?.
My other issue was what exchange rate to use, but I have found that on another post, thanks.
