Hello
I inherited property in India and there, capital gain is calculated from original price. In India, I have capital gain of $50,000 calculated by converting Rs into $ with the exchange rate as of sale date.
In US, capital gain is calculated from the price you inherited the property. So that amount will be $10,000.
My question is, while entering Foreign Tax Credit in TurboTax, Other Gross Income - Should I enter 50,000 or 10,000?
And since Capital gain in India was taxed at 20%, should I multiply it by .5405 and enter that amount i Foreign Qualified Dividend and L.T. capital gains?
