In the Home & Business version of TurboTax Desktop, you would enter the sale of the apartment in India using these steps:
- Click on the Wages & Income tab
- Next click on I'll choose what I work on
- Scroll down the screen until you come to the section Investment Income
- Chose Stocks, Mutual Funds, Bonds, Other and select Start or Update
- The first screen will ask if you sold any investments during the year, answer
- Did you get a 1099-B or a brokerage statement for these sales? Answer No
- Tell us about this sale, Click I'll enter one sale at a time
- The drop-down boxes can be filled out with the details of the timber sale
- Description - Apartment in India
- Date sold - from your records
- Date acquired - from your records
- Sale proceeds -from your records
- Cost basis - initial purchase price plus expenses that were paid before the sale for any improvements that will have a useful life of more than one year
The apartment sale will be recorded in your tax return from these steps.
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