I suppose you have been reporting the rental income and expenses(including depreciation) on your tax return.If you get paid in Italian currency - it is your job to convert the amounts in USD when reporting it on your return.If you hold the property in an entity(partnership or corporation) you may have additional informational forms to file with the IRS.If you have a bank account in Italy with a value over $10,000 - you also have an additional informational forms to file with the IRS.You should have been entitled to a step-up in basis upon inheritance.

@Carrie Hallensleben Sometimes to get around what the lender was saying, you could try accessing the line and keep it in a bank account for a few months before trying to obtain your next property.

Hey @Steve Watson - Without getting into a long winded explanation which should really come from an accountant, I can tell you that if you use a cash basis for your accounting (rather than accrual) you recognize the income when it is received rather than when the sale is made. 

Do you loan out of your retirement account?  

I am not an accountant or attorney, but to be able to deduct on your taxes you need to follow that rule. 

  I've had the same business accountant for almost 15 years.

So when they lend you that $96k, whatever you still owed of the $82,025 you borrowed originally gets paid off, and the balance is handed to you as cash (or, credited to your account)!

Account Closedmy Lansing experience with local management companies - was not good so far.I currently live out of country as well and I manage my US properties on my own.

Thank you Account Closed !!

Originally posted by Account Closed:@Upen Patel I have a portfolio loan that is collateral on 18 properties.