Get your taxes done using TurboTax

You are a resident alien of the United States for tax purposes if you meet either the green card test or the substantial presence test for calendar year 2024.

If you do not qualify under the Green Card Test, You may be required to file an IRS form 1040 under the Substantial Presence Test.  

IRS Publication 519, page 5, states:

Substantial Presence Test 

You are a resident for tax purposes if you meet the substantial presence test for calendar year 2024. To meet this test, you must be physically present in the United States on at least: 

1. 31 days during 2024; and 

2. 183 days during the 3-year period that includes 2024, 2023, and 2022, counting: 

  a. All the days you were present in 2024, 

  b. 1/3 of the days you were present in 2023, and 

  c. 1/6 of the days you were present in 2022.

The sale of the land would be reported on Schedule D Capital Gains and Losses.  Both the cost basis and the selling price would be converted to US dollars using the conversion rate at the time of the transaction.  It is possible that you could report a loss on the transaction.

In TurboTax Premier Online, report the transaction as follows:

1. Down the left side of the screen, click Federal.
2. Down the left side of the screen, click Wages & Income.
3. Click the down arrow to the right of Investments and Savings.
4. Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
5. Click Add investments.
6. On the Let's import your tax info screen, select Enter a different way.
7. On the OK, let's start with one investment type screen, select Other, land, second homes, personal items, then Continue.
8. At the screen Tell us more about this sale, enter the information.  Click Continue.
9. At the screen Now enter one sale, enter the IRS form 1099-B information.
10. Select Add another sale to add another transaction.

Foreign tax paid may qualify you for the foreign tax credit.  Follow these steps.

1. Down the left side of the screen, click Federal.
2. Down the left side of the screen, click Deductions & credits.
3. Click the down arrow to the right of Estimates and Other Taxes Paid.
4. Click to the right of Foreign Tax Credit.
5. Follow the screens to see whether you qualify for the credit or deduction.