Thank you for the response. I am trying to include in Turbo tax deluxe 2024 however, even though I'm inputting taxes paid on the deductions, I'm still owing taxes on capital gains.
Here's what I've done in Turbo Tax
Under investments, add investment type 1099-S.
Type of Investment - Land (other investment)
How did you receive investment - inherited
date sold -
proceeds - total sales less cost, commission. taxes paid in India not deducted.
fair market value - estimated value when owner passed away.
Review - shows gains
In DEDUCTIONS:
Estimates and Other taxes paid - Foreign taxes
pay foreign taxes or have credits - yes
message saying I need to complete form 1116 if I want to claim tax credit.
taking tax credit
choose income type - Passive Income
Selected country - India
Foreign taxes paid
foreign taxes on other income - put amount paid via TDS
left all else blank (not sure if that's correct)
saved -- taxes owned on capital gains?
