Hello,
I bought a presale home in the Philippines in 2014 thinking it will be my second or retirement home. It took the builder 5 years to finish but I ended up selling it on Jan 2020 without living nor renting it out. As I understood, I entered the transaction under Investments Income, Stock & Others. I paid about $15,000 of Capital Gain Tax during this transaction in the Philippines. This is where I am stuck now.
1) I tried to add a foreign tax credit. UPDATE, Yes, Yes .... so do I Itemized tax deduction or Take a Credit?
2) Is this a passive income?
Any guidance going forward would be great.
Much thanks!
