I collect rent from property in Mexico, do I report that on my 1040?

I own some houses in Mexico and rent them out. I keep most of the proceeds from these houses in Mexican banks. when I travel to Mexico I almost exclusively use fund from these accounts.

Do I really have to pay the USA income tax on the whole amount or just what I bring to the USA? Is there any way to exclude this income from US income tax?

If I have to include ALL the income, do I treat the property as if it were in the USA (depreciation, repairs, travel, etc)?

You must include all income on your 1040.
If the bank accounts have more than $10K in them, you also need to file form TDF 90-22.1 each year.

The rules are the similar--just not section 179 depreciation since the property isn't in the US.

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