DaveF1006
Expert Alumni

Get your taxes done using TurboTax

You would handle this like an investment sale in "Turbo Tax". For this type of investment reporting, you would need Turbo Tax Premium. 

 

Here  is how to report your investment sale in Turbo Tax online.

 

  1. Open your return
  2. Go to Income
  3. Go to Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto)
  4. When it asks ho you would like to enter the information, say you would like to enter a different way.
  5. When it asks for the type on investment select other
  6. Now you will start answering questions about this sale.
  7. When it asks for the type of investment, select other
  8. Then there will be questions you will need to answer such as how you received the investment, date inherited, date sold, proceeds, and total amount paid. Total amount paid is the fair market value at the time of the inheritance.
  9. Finish out this section until you have completely reported the sale.

As far as documents, save each one you have regarding the sale. You won't need to submit these to the IRS but you may need them if the IRS has any questions regarding this sale.

 

The repair costs are not deductible or reportable on your return. Also, you need to apply for a refund of your TDS on your Indian Tax Return.  Here is an excellent source explaining to you how to apply for your TDS refund.

 

 

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