If I made a down payment for an apartment outside of USA a few months ago would turbotax be able to support me and would I need to declare it? I have made a down payment of roughly 50k and the apartment alongside the building is still being built in the foreign country. At the end of this year I am expected to pay the rest of the apartment price. The down payment I made a few months ago was a way to secure the apartment while it's being built.
Once the apartment is built, it will not be used for rental, just for personal use so I won't make an income off of it. So do I need to report this purchase when filing my taxes this year or do I report it only after I pay for it in full the coming year?
To pay for the down payment, I made a wire transfer to the foreign property's bank. I, myself, don't have a foreign bank account.
Please advise and thank you.
