Yes, you will be considered a US non-resident in this case scenario and you and your capital gains income would be excluded under IRC section 7701(b)(3). Instead of a treaty detail, you would report the exclusion in this manner in 2024.
- Open your return in TurboTax
- Click on Wages & Income
- Scroll down to All Income
- Scroll down to Less Common Income
- Scroll down to Miscellaneous Income, 1099-A, 1099-C
- Click start
- Scroll down to Other reportable income
- Enter description and amount. Assuming the capital gains is reported elsewhere, this will be reported as Excluded income under IRC section 7701(b)(3) and then represent the amount of the excluded income as a negative number. -XXX.XX.
- this will now appear in line 10 of Schedule 1 as an negative amount.
@tbudd
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