First of all, if you haven't entered this transaction as an investment sale in Turbo, do so or else your foreign tax credit will not be accurate. To enter, if you haven't done so.
- Go to federal
- Wages and income
- Go to investment income
- Go to Stocks, Cryptocurrency .......
- Classify this as other
- Follow all prompts that follow to determine what your capital gains is on the sale.
Now when you report the Gross income in the Foreign Tax Credit section. You will report what the house sold at. You do not need to make any other calculations on your own as Turbo Tax will do that for you.
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