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Get your taxes done using TurboTax
You do need to report the investment sale on your US tax return. You can apply for a foreign tax credit to recoup the taxes you paid in Canada. You can do all of this in TurboTax.
Follow these steps to enter your investment sale in TurboTax:
While in the Federal section of TurboTax:
1. Income and Expenses
2. Investment Income
3. Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
4. Choose "Other" and then "Land (personal use)" and enter your sale information
You will find the foreign tax credit routine in the Deductions and Credits section, then Estimates and Other Taxes Paid and then Foreign Taxes.
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March 3, 2022
4:29 PM