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Get your taxes done using TurboTax
Simple formula ... purchase price + cost to buy + improvements + cost to sell = cost basis
Proof of costs are only needed in the case of an audit later.
* I already filed Indian tax return and incurred Capital loss on this sale hence no tax paid in the India on the sale. I assume this has no bearing on the long term capital gain calculation for the US tax filing purpose.. correct ?? Since I did not pay any tax in India, there is no foreign tax credit possible., correct ? CORRECT
* Sale proceeding is deposited on my India bank account.. I assume then I need to file FBAR and FATCA Form 8938, correct ? Yes if the account qualifes to be reported.
‎September 18, 2022
8:08 AM