Hello, I am quite confused as to how to report the sale of foreign inherited property. I am using TurboTax Deluxe and Easy Step.
- I inherited a property in India in Feb 2023 with fair market value of $180K, converting from Indian Rupees to USD as of that date.
- I sold the property in July 2024 for $182K, converting from Indian Rupees to USD as of that date.
- I paid Indian capital gains taxes in July 2024 of $39K. (India charges capital gains from time of acquisition of the property by the original owner, not from when the property was inherited, unlike the US.)
I would like some step-by-step instructions on how to all enter this. I think I figured out how to report the sale of inherited property, but there was not a place to indicate that this was a foreign property. I tried to claim a foreign tax credit, but that whole section proved too confusing for me. Thanks in advance for your help.
