You will report the foreign capital gains the same way you would capital gains from U.S. accounts. They will be treated as capital gains, not ordinary income. Your gains will be included in your state taxable income, and subject to state income tax. To Enter in TurboTax:
- Type "Investment sales" in the search window and click Enter
- Click on "Jump to Investment sales"
- On the page with "Did you have investment sales in 2023?" Answer Yes
- Answer No to "Did you cave crypto income or losses in 2023?"
- Skip the import sections and click on Enter another way
- On the screen with OK, let's start with one investment type, click on "Stocks, Bonds Mutual Funds"
- Answer No to "Did you get a 1099-B..."
- Enter the name of the name of your foreign broker
- Answer the program questions re employer stock, etc.
- Indicate whether you'll report sales one by one or by Sales Section Totals
- The interview will walk you through entering the details of the sale
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