Hello,
2 years ago I bought a home in a foreign country to be used as a 2nd home for several months during the winter. The purchase was not reported on Form 8938 as it was strictly personal use. (Answer on this forum: Foreign real estate is not a foreign financial asset required to be reported on Form 8938).
I just sold it the end of 2019 with a slight gain.
Based on other postings, it seems that I need to report the capital gain - is that correct?
I also read that I don't need to pay taxes on the gain on the State level, as this is a strictly foreign transaction (purchase and sales in foreign country). How is the gain excluded on the State level?
How detailed do I have to be entering the address? City and Country - or complete mailing address?
My tax situation requires that I am using TurboTax Premier.
Thank you for your help with these questions.
