I inherited a house in the foreign country, sold, paid the tax in the foreign country. I understand this capital gain is a long term capital gain. I am trying to get the foreign tax credit by filling up using TurboTax.
I had an income of $400,000, expense of $20,000 from the sale.
TT is asking,
Country foreign country country name
Total foreign income for this category $400,000
Foreign qualified dividends and L.T. capital gain ????
What should I enter? $0 or $400,000,
Next page is asking the expense, so enter $20,000.
