ThomasM125
Expert Alumni

Get your taxes done using TurboTax

You will report the sale as an investment sale in TurboTax.

 

You enter investment sales in the Wages and Income section of TurboTax, then Investments Sales, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... Skip the section where it asks if you want to upload your tax documents. Choose Other as the type of investment you want to enter. You'll come to a screen where you can enter in your sales proceeds and cost basis.

 

You will get no immediate deduction for the cost of the new home.

 

To get a credit or deduction for your foreign taxes paid or accrued, you need to go to the Estimates and Other Taxes paid section in the Deductions and Credits area of TurboTax, then choose Foreign Taxes to assign your foreign income to a country and enter the tax paid. The credit is usually more beneficial that a deduction but is limited to the US tax on your foreign income. Any unused credit can be carried back or forward to benefit other tax years.

 

 

 

 

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