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Get your taxes done using TurboTax
Padilla,
There is one gain tax to be estimated and paid. This is on the gain from sale.
The Form 1116 is where you are claiming the Foreign Tax Credit. You do not get it from anyone. you need your Foreign Tax Return and a copy of the Foreign taxes paid to make the claim in the US tax return.
When filing with turbo Tax we can help you make these entries and claim the right amount of credits.
Also, keep receipts of the estimated taxes paid in the USA, as you will need them at the time of filing your tax return in the USA. You will need to make all these entries in the US tax return.
Hope this answers your questions.
Nisha
May 21, 2025
12:42 PM