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Deductions & credits
Hi @pk ,
This post was very useful as I'm in exact same situation. I had a few things to clarify if I could get your advice.
Do I fill the following forms separately on US tax returns - 8949 and 1040 (Schedule D). I am expecting a TDS refund in India so don't want to complicate with filing for foreign Tax Credit on form 1116.
Also since the property was taken for personal use and /or as second home and home for my parents, but things did not work out for us as planned and we had to sell it. Can I claim partial exclusion for capital gain on these two forms if I need to fill them?
Is there a different approach to report this ? I only just came to know I had to report this based on how turbo tax gave me a hint when it says balance in foreign accounts exceeded x threshold then fill additional forms 8938. So is this doable through turbo tax or I need to file and mail these forms separately to IRS?
Also filing 8938 on turbo tax https://www.irs.gov/pub/irs-pdf/f8938.pdf leads me to 'needs review' about things I have no ideas to fill like 'Form and line' , 'schedule and line'.
Not sure how to easily report my capital gain and hopefully qualify for exclusion on any capital gains (which maybe my case) during US tax filing through the turbo tax portal options. Any guidance is helpful!