Thanks for the help. for confirming that Line 1 a form 1116 for individual real property is gain and which is already computed in shedule D,line h.
But it is not related to form 4797 since it is personal property .
Also can you tell me exchange conversion rate---spot rate to be taken on date of-- sale,date of acquisition and date of improvements .As per form IRS site f Foreign currency exchange rates are to be on the date of EVENT .correct?
You responses are helpful. Also can you please share your thoughts on other thread regarding form 1116 AMT and sch B, whether can be attached to return where AMT is zero .
