Hi,
I had an property in Europe that I kept when moved to the US (California) because of work in March 2018. I started to rent it out in June 2018 when I figured I would stay for a bit and was planning to sell it but then Covid hit which made it difficult to setup. I kept renting it out, reported rental income and depreciation for it in the US. In August 2022 I finally managed to sell it (and payed taxes for the sale in EU)
Questions:
1. How do I report this in TT? Is it a normal property sale or is there a special section for foreign properties?
2. I know I don't qualify for the full 2 out of 5 year exclusion, but do I qualify for a partial? When I filled it in in TT it looks like I do but does the fact that I rented it out or have lived in the US for too long disqualify me?
3. I summarized the depreciation I've done during the years and added that back. Is that correct?
4. Where do I report foreign tax credits for the sale?
5. What date do I use for the currency conversion? Purchase date, sales date, or average? Or do I use the date for when the transaction was made?
6. Any other gotchas that I should be aware of?
Thanks in advance
