Form 1116 Line 1a and 3d entries.
For property Long term Capital gains(passive) which figure to be entered.?
Is it Gross means total value with out deducting costs for the cost of purchase or after deducting all costs? One CPA says in Q&A session it is gross(with out deducting costs) to be entered.
Form 1116 line 3d instructions says 'For lines 3d and 3e, gross income means the total of your gross receipts (reduced by cost of goods sold), total capital and ordinary ‘GAINS’(before subtracting any losses).
Per above, I think For LTCG net gain from (schedule Column h ) to be entered? Which one to be?
Thanks.
