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I am an American citizen and own a

07/07/2015 - 04:49

I am an American citizen and own a villa in Italy which I rent out to tourists for brief periods in the summer. I declare this income in my US tax return.A friend tells me that I also need to declare it in Italy, even though I am a US resident and only come to Italy a couple of times a year on vacation.Is this true??

Topic

Property

Comment

Yes, I’m afraid it is. Any income made from a property in Italy needs to be declared in an �� tax return, and then generally also in your domestic return, where you should receive credit for the tax paid in Italy.Note that this doesn’t just apply to US citizens – it applies equally to residents from any other country, EU or not. The returns for 2014 income are due in by the end of September – let us know if you have any queries or need our assistance.

Yes, �� law says that the property earns you money in Italy and therefore its �� income. As a nonresident homeowner you could also have to fill in a tax return in Italy anyway - dependent on your catastal value and IMU payments.