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Investors & landlords
Thank you so much for your response Ray! So to declare, I would enter it in the same place as if this was a US based primary residence sale? If so, the entry fields were requesting city state and zip, and I wasn’t sure if there was a trick to get it to accept entry of city, country and zip.
For that entry, if I am to enter a converted dollar amount (Euros to dollars), I believe I would use a Dec 31 2020 treasury conversion table to calculate sale amounts minus fees for the year we sold it. Would I also need to go back to a Dec 31 2005 table for the treasury conversion rate for calculating our purchase amount plus fees? (2005 being the year we purchased the condo)
We lived in our old condo for 3 years as our primary residence, before purchasing a bigger condo with the proceeds of the sale. I’m not interested in excluding our capital gains, as they totaled 250 Euros, and I already paid the French taxes of 22 euros, on that gain. Thank you for letting me know we could deduct that via a foreign tax credit. If/when we need to sell the new place, I’ll plan to use the primary exclusion at that time.