I sold shares in Indian Companies bought before becoming a resident of US. I presume that I will get a free allowance of $47000 of LTCG for 2024. On the balance of long term capital gains of say $20000, the tax payable is about $3000. If I pay long term capital gain tax of $4500 in India can I get tax credit for that amount and set off the entire capital gains tax in the USA and show the LTCG tax as zero?
Do I have to record all transactions in 8949 and submit with Schedule D?
