@pk and @KurtL1 Thank you for very thoughtful responses
In my case, I sent funds to India over a two year period (2018 and 2019), and kept buying stocks.
Didn't sell anything in 2018; sold a portion of stocks in 2019 (still holding remaining), but didn't bring back any of the sale proceeds to US (i.e., proceeds still in India bank account in INR)
So now do I have two types of transactions to record?
1. Capital Gain Loss on Indian stock (realized in 2019)
2. FX Gain Loss on the money i sent (not realized yet since i didn't bring the money back)
I can easily calculate my capital loss in INR using local currency purchase price and local currency sale price, but the question is how do I convert the txn prices (sale and purchase) to USD? There were several transactions to convert these for each transaction - over 30 transactions in various stocks. Can I use average price at which i sent the funds to India to convert the INR to USD to report my losses now from INR to USD
That way I am keeping FX separate from capital gains
And when I bring the INR back to US, i can then report any FX gains / losses based on USDINR rate at the time
Could this work? And if so, how would i do this in TurboTax?
