I sold shares of stock in a foreign country and incurred capital gains, both long term and short term. I paid tax on the short term capital gains to the foreign country.
How can I recover the foreign tax paid using Turbo tax or otherwise?
Is the capital gains considered foreign income?
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Yes, you can claim a Foreign Tax Credit for the tax paid on your foreign capital gains.
The foreign stock sale is entered in the same manner as a US stock sale.
Here's detailed info to help you:
https://ttlc.intuit.com/replies/4862772
Please help! The link above just leads to the "Turbo Tax Support has moved" screen -- with a blank search window.
I cannot find where to enter the foreign Tax paid on capital gains from sales of mutual funds. The interview never asks for it... like it asks for tax paid on income, interest, dividends. Even when I go to Forms mode I cannot see a box for taxes paid on cap gains from sales of funds/stocks. Yet, many TT Help answers reference this... Help please!
Type 'foreign tax credit' in the FIND window, and 'Jump to foreign tax credit'
This allows you to enter foreign tax credit for interest, earned income etc. but not capital gains. There doesn't seem to be any way to do this.
Doesn't work for capital gains!
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I too will have the same issue and expect to pay capital gains tax in Australia on gains from the sales of stocks there.
Thanks,
Nick
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