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K
Klatgarff22
Level 2
January 16, 2025
Question

The questions on 1116 don’t get me anywhere.I keep going around in circles unable to report a foreign tax pain on capital gains from home sale abroad

  • January 16, 2025
  • 12 replies
  • 74 views
Is there a way to do it directly?

    12 replies

    P
    Level 15
    pk_Level 15
    Level 15
    January 16, 2025

    @Klatgarff22   for 2024 software ( Windows download ) still is not available for form 1116. Think it is supposed to be in the next update ( this Friday ? ).

     

    Can you tell me a little about the situation / scenario including how acquired, which country etc. ?

    K
    Klatgarff22 Author
    Level 2
    January 16, 2025

    @pk12_2, I use a Mac desktop. The situation is generic. A house sale in a country that has a tax treaty with the US. The sale generates gains and is therefore subject to taxation in the said country as well as in the US. Filing in the US, I want to claim an individual foreign tax credit on what I’ve paid abroad. The deduction option is not sufficient for compensating the burden of the tax. 

    K
    Klatgarff22 Author
    Level 2
    January 19, 2025

    Issue resolved! However, I am not sure how successful I would be in performing the same task from scratch.

    I don’t know whether this reflects on the complexity of the tax code or the turbotax sw.

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