I sold a piece of land which was a gift from my mom in 1997. Sales happened in 2017, and I paid tax to S. Korean tax authority; i have the copy of the receipt.
Should I treat this as capital gain apply the long term gain tax rate? or should I claim the tax credit (form 1116)? I'm using Turbo tax -home and business and a bit confused if I need to use both form schedule D and Form 1116.
Thank you for your help.
