Foreign Tax Credit

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When I go to Foreign Tax credit, it automatically gives credit for Foreign tax credit for dividends on 1099 Div and 1099 B. when it asks "Tell us about your Foreign taxes" I select None of this apply so it takes away 1099 Div credit which is very small. which I want so, so far good but I have sold apartment in India and try to go to to next screen to go to Passive Income but it again brings 1099 Div and 1099 B and wants me to select mutual funds

My capital gain on property sale is high and I want form 1116 to be generated for property gain first so I can file electronically.

How do I bypass so I can reach to Passive income screen and then pick India as country, give gross income and tax deducted to get tax credit on capital gain on sale of apartment in INDIA.

I have first entered sales information In Income section under, Investments as other and named Apartment sale in India, hoping A for apartment it gets picked up before Banks and other income when I go for credit section.

PLEASE HELP

DianeW777

Alumni - Intuit

It depends. If TurboTax Online may be limiting Form 1116 because your foreign tax paid was less than $600 (married filing jointly) on your dividends. This may help so that you can finish Form 1116 to include all of the foreign tax credit from your sale on your tax return.

Edit a 1099-DIV to have foreign taxes over $600.
Next go through the full dialog for form 1116 to enter the gain on the sale of your apartment in India
Finally, edit the 1099-DIV again to correct the foreign tax paid amount.
This should keep all the values on Form 1116.
- Where do I enter a foreign tax credit or deduction (Form 1116)?
- Claiming the Foreign Tax Credit

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