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How did you get TurboTax to ask you if you wanted to make a capital gain election? I am trying to get to that option, but I can't find it. I have a large foreign capital gain that I want treated as investment income. The overall taxes are less if I enter it as interest income, but that is not correct.

@ mxkieran wrote: US citizens living abroad must file US taxes. Are you saying they can't use TurboTax? This thread is over 5 years old since anyone posted in it. You'd be better-served to start your own new thread, so it will show up as a new issue to the forum, who can answer questions you have about US citizens using TurboTax from abroad.     To do that go the link below:   https://ttlc.intuit.com/community/forums/postpage/board-id/202   Use the top box there to summarize the title of your issue.   Then there is a box below that with more room for details, if needed.   This is a public Internet forum, so don't post any personal info..

Is it possible to opt to treat long-term capital gain income (all, not just $20,000) as ordinary income for both computing the taxes  on the 1040 and for computing the foreign tax credits (not requiring it to be adjusted)?  In that case, it appears that our taxes would be significantly lower - by thousands of dollars - on the sale of a house abroad.   If that is allowed, how might one opt to use the usual tax tables in TurboTax. I can see how to override the adjustments on Form 1116, but that seems wrong if the income is not taxed as ordinary income.   Thanks!

For purposes of the 1099-K, you are self-employed.  If you were an employee, they would send you a W-2.  1.   Go to the section on Federal Taxes.  Let's get the biggest refund.  Continue.  2.   I'll chose what to work on.   Pick 1099-MISC & Other Common Income, go to 1099-K.  3.   There are a couple of ways to enter your 1099-K.  The amount  in 1a, is your GROSS INCOME.  This is what        they paid you, including any fees they took out.  So, for example, let's say you are a Door Dash delivery             guy.        The amount in 1a, includes all the $$ you were paid for the delivery, any tips, toll fees you paid, busy time        bonuses, etc.  Then they should have sent you something showing the fees they took out, and what they           put into your bank account.  Enter the $$ from 1a.  DO NOT subtract your fees yet.  It will ask you if this is           self-employment income, say yes, and answer the questions as they come up.  It will ask if you made any        other $$ not included on 1099-K, related to this business.  Then it will ask about any expenses you had.  It         will give you a list of  categories.  For a delivery driver, you will be able to take expenses such as, cell                   phone charges, for the  business portion you used, mileage for business purposes, if you have a mileage           log, any hot food bag for delivering food, a cell phone holder for your car, and then there will be no more         categories, don't worry, just keep clicking, you will come to a screen that asks for any other expenses, and         you can type in  Door Dash fees  $$.  If your money is put onto a prepaid card, you can deduct any fees             for withdrawing   your  $$.  4.   Then it will ask about car expenses, and any other assets for this business, (that need to be depreciated).        If you choose this, you need to know about what and how to depreciate, or you need to go to someone        who does know.  Depreciation is an evil cow!!! LOL!  5.   The other way to enter the 1099-K is thru the self-employed, business section.  6.   I could offer more help if I knew what you were doing to be sent this 1099-K.  There are several other                 items  that could be an expense. depending on what you are doing.  I hope this helps you, I will keep                 checking back, incase you need more help.                Good luck.        Marilyn  

Thank you for your reply. I just have one more question if you could help me clarify. Would I include those items under "cost of purchases" for 2024 even if they did not actually sell in 2024?    Basically, should I add them in "cost of purchases"in the year that they were actually sold, or the year that I decided to move them from personal item to business merchandise?   Thank you!   @PatriciaV   

There are many address questions in TurboTax.    Are you able to provide any clue as to what you mean?   Please narrow that down and explain what "address not working" means, and hopefully, someone will be able to comment. And are you referring to Online TurboTax or desktop software?