Thanks for the trouble, Amy. I appreciate it.
Can you advise how to complete Sch D, Form 8489 and Form 1116 (FTC) in the Turbo Tax Software 2023 for sale of 2nd home in India. Appreciate screen shots, if possible.
Just as an example for a Long Term Capital Gain:
Basis Price of Home: $100,000
Sale Price: $200,000
Tax Paid in India: $48,000 (24% of Sale price). In India tax is paid on the sale price and not on Capital Gain.
Since Capital Gain is taxed at a maximum 20% in the USA, am I right in assuming that I do not have to pay any tax on the capital gain for the sale of home, since I have already paid 24% in India. Off course, assuming there are no other incomes.
Thanks in advance
