Client received $37,000 of Italian Income from Real Estate Property being managed by his family (brother in Italys), The $37,000 is being declared as other income on his 1040.
The Italian Accountant cannot tell him how much money he expended for managing the property, insurance etc., or for depreciation nor his allocation of all the expenses (for managing all of the properlty). Seems like all of the property is managed by his family (extended).
The property is currently valued at $750,000
Any recommendations on how we can prodently offset some of this income
Thanks you.
Jeff
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Jeffrey London BA
Ameriprise Financial Services, Inc.
East Meadow NY
516-867-6478
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