Sold a Foreign property (second home) and need help with some tax filing questions.
* Can a capital loss in foreign tax filing ( india) reflected in US tax return?? I assume NO.. Even though, it was reported as capital loss in the foreign tax return, US tax filing has different capital gain calculation and shall report a capital gain for the same sale. correct ?
I navigated through the following to report the sale.. I am using On the online Turbo tax edition. Please confirm if this correct.
* Wages & Income
* Investment and savings
* Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
* Other ( land,second homes, personal items 1099-S)
There is no 1099-S on foreign property sale but i still need to choose this, correct ?
* Enter the name of the person or financial institution that brokered this sale
No real estate agent or institution brokered this sale. In this case, Can I enter the name of the Purchaser
* What type of investment did you sell? -> selected second homes
* How did you receive this investment -> Selected purchased it
* Description -> entered the property address
* When did you receive this investment? -> entered the purchase date
Date sold -> Entered the sold date
Proceeds -> Sale price converted into USD using the exchange rate on the day of the sale, correct ?
Total amount paid
cost basis ( purchase price + purchase cost) using the exchange rate on the day of the purchase, correct ?
I can't add the agent fee and home improvement costs since unfortunately i don't have the records/evidences/invoices
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paid sales expenses that aren't included in the sale proceeds reported on the form
Can I include cost like Air travel expense for me to travel to India to execute the sale ?
