Since this conversation is in the context of Foreign Capital Gains from the sale of foreign stocks, where there is no 1099-B, but the 1099-B information is manually input in TurboTax and then we come to Foreign Tax Credit section - can you please clarify what is meant by "Other Gross income enter the gross proceeds from the equity fund" from your response?
For example, let us assume I had bought foreign stocks worth $50,000 a couple years ago, and sold those for $60,000, resulting in long term capital gains of $10,000, all in foreign currency.
In the workflow for Form 1116, when I come to the "Other Gross Income - Country X" screen, what should I put in the "Amount for Country X" field? Should I input $60,000 (which is the proceeds from the sale of the foreign stocks), or should I input $10,000 (since that's my gain)?
