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Calculation 1116 1a (Gross income sources within country shown above)
For Form 1116 1a. Gross income sources within country shown above;
Sold Mutual Fund: LOSS $5000 (Sales Price $30000, Cost basis $35000)
Dividend income : $500
Interest income : $1000
Question 1
Number in 1a) should be
$ 31500 (Sales price 30000+500+1000) ? OR
$ - 3500 (-5000+500+1000) ?
Question 2
I also have $2000 income to rent land out, but $0 taxed due to exemption under the country rules.
Should this income be included in 1a even No foreign tax involved on this income?
I would really appreciate if someone helps me.
‎October 4, 2020
11:54 AM