DaveF1006
Expert Alumni

Investors & landlords

You will need to claim a Foreign Tax Credit by;

 

  1. Go to federal>deductions and credits>estimate and other taxes paid
  2. Foreign taxes >start
  3. When you reach the screen Do You Want the Deduction or the Credit? select the option you prefer for your situation
  4. Continue past the worksheet
  5. Next select passive income
  6. Next in the Country Summary Screen add India.
  7. Next screen will ask you for gross income, enter the gross amount of your sale..
  8. Leave the expenses as this may limit your Foreign Tax Credit.
  9. Now enter the amount of Foreign losses if you have any.
  10. Next screen will have you report the amount Foreign Taxes you paid on the sale and the date paid.
  11. If there is any foreign source dividends or long term capital gains on the sale, report that in the sections of your return entitled Any foreign source qualified dividends or long term capital gains.
  12. Scroll through the rest of the questions until you are done with this section.

 As far as not having a 8949 form, it depends on how you reported the sale.  The best way to report and generate a 8949 is to report it like an investment sale. 

 

  • Go to federal>wages and income>
  • Investment income>stocks, mutual Funds>Bonds>Other

 

 

 

 

 

 

 

 

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