Thank you for responding,
I apologize for not explaining myself better. My wife inherited a plot of land many years ago. Located in P.E.I. Canada. Back in 2008, we built on the land a Cottage which we used as a "summer cottage" even though we only stayed 2 weeks a year, we did advertise that it was available for rental and had very limited success.
Having said that, jump to 2019 and My wife and I decided it was time to sell. In addition to the normal cost of selling, we also had to pay the Canadian government $8,435.21CAD. The net amount received (after costs and tax) totaled $108,064.00USD (currency conversion based on using OANDA FX rates on the date of sale 9/25/2019). Should I be looking for a foreign tax credit for the amount I paid the Canadian version of the IRS? And, is there any other things I should be considering to reduce the US capital gains tax. Thank you in advance for your assistance.
