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Deductions & credits
First report the sale of your property in the investment section of your return.
- Go to income or Wages and income
- Go to Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) or Investment Income
- Go to Stocks, Cryptocurrency .......
- Classify this as other
- Follow all prompts that follow to determine what your capital gains are on the sale.
Now to claim your Foreign Tax Credit if you paid foreign taxes
- Federal>deductions and credits>deductions and credits>estimate and other taxes paid>Foreign Tax Credit>start or revisit
- When it asks We just need to check if you have any uncommon situations indicate I paid foreign taxes on income I earned while working in another country.
- Navigate and record the entries that the program asks for and when you reach the page that mentions Foreign Tax Credit Worksheet, this is where you take notice between a deduction or credit.
- The first that you will be asked is what category of income is it, you will say general category income..
- Next screen will say Country Summary, select add a country and then select your country..
- When it says Other Gross Income - XXXX. Here is where you report the capital gains income that your sale was taxed on in XXX.
- Then you will navigate through the screens until you come to a screen that says Foreign Taxes Paid - India, here is where you record the amount paid under Foreign Taxes on Other Income. Then below that you will enter the amount of taxes paid in taxes. This is a screenshot what this screen looks like. After you report this , you should receive a country summary screen included in my previous post.
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March 14, 2025
1:59 PM