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Get your taxes done using TurboTax
The foreign taxes paid would be entered on Form 1116.
- Open (continue) your return in TurboTax
- Make sure you've already entered all your foreign income. If you still need to enter it, do that now
- Select Search and search for foreign tax credit. Select the Jump to link in the search results
- When you reach the screen Do You Want the Deduction or the Credit? select the option you prefer for your situation
- If you select Take a Credit:
- Select Continue on the next screen, then select No to fill out Form 1116
- When you reach the screen Country Summary, select Add a Country
- Answer the questions about your foreign income, taxes, and expenses on the following screens
- When finished, you'll be taken back to the Country Summary screen. If you have income from other countries to enter, select Add a Country. Otherwise, select Done
- Answer the questions on the following screens until you reach your Foreign Tax Credit Summary. If you’re finished with this section, select Done
- If you select Itemized Deduction:
- Enter your foreign taxes paid on the next screen. These should show up in the Deductions & Credits section of your tax return, under Other Deductible Expenses
The broker's fees and legal fees are expenses of the sale and added to the cost basis of the land when the sale is reported. The cost basis of the property is deducted from the proceeds of the sale to determine the gain.
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March 8, 2023
7:10 PM