Hi Dave,
I'm confused. I received this form for an apartment I owned In Puerto Rico. I bought it in 2019 but sold it in 2020.
I received the 480.6C...In line 4 under amount paid, they put the net I received at closing and the amount withheld shows the income taxes they kept from me at closing.
The funny thing is I'm working on my taxes now and showing I sold that property somewhere else because I showed income and expenses as I would rent the property sometimes. Never truly enjoyed it ... When the program asked if I got rid of the property, it's showing income (actually I'm not sure how it arrived at the number but it doesn't seem right because it's more than just amt bought for less amt sold for?).
Anyway, I'm completely confused as I've reported the property for all intent and purposes as a "state" not as a foreign investment since it's really a commonwealth and also as it accepts PR, but now I have to do foreign investments? and also this only has to deal with IRA?
Sorry for the long question, perhaps you can enlighten me a bit.
I appreciate your response in advance!!
Amneris
