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Deductions & credits
According to this link from IRS.gov, you can claim a foreign tax credit for income taxes you paid in Australia for the sale of your home because there is a tax treaty between the US and Australia. Now does this $14K represents the foreign taxes you paid or is it some other type of a credit? You can only report the foreign taxes paid in the transactions just to avoid being double taxed by both countries.,
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‎February 18, 2021
11:59 AM