- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
how to claim (deduct) foreign tax paid on foreign sock sale from US capital gain tax
Hi Dear,
I would greatly appreciate some help on this.
I live in the US, last year, I sold a foreign company stock in that country and also paid local tax in that country, how do I file foreign tax sale ( I saw TT help saying just treat as a regular stock sale)
AND
how to deduct the local tax I have paid in that country from my capital gain tax paid in the US? (should I use itemized or tax credit?)
TIA
Dave
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
You could put it in as a 1099-B even though you don't actually have a 1099-B and the foreign tax paid as a credit under less common income.
You can also report both as:
- Wages and Income
- Less Common Income
- Miscellaneous
Someone else may have another solution.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Thanks for the information but I did stock sale, my understanding is that it is part of capital gain, not treated as regular income...
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
In that case, use the 1099-B as if you had been issued a 1099-B and mark it for capital gain.