1429872
You'll need to sign in or create an account to connect with an expert.
You can report the land sale in TurboTax using these steps:
Do I have to pay tax in US also if I already paid tax in India. I have similar situation:
I got inherited property in India worth around than $100,000. The property will be sold under long term gains and taxes immediately paid in India. In this case, do I need to pay any tax in US? Which form do I need to fill for reporting purpose and what documents are needed for US tax filing.
You will report the transaction using the "Stocks, Mutual Funds, Bonds, Other" interview and tell TurboTax that you didn't receive a 1099-B. Form 8949 and Schedule D will be included in your income tax return.
"Do I have to pay tax in US also if I already paid tax in India."
Maybe, maybe not. This is one of those "it depends" situations. The appropriate interview here is "Foreign Taxes" under the "Deductions and Credits" area of TurboTax. The foreign taxes paid will be reported on Form 1116.
"what documents are needed for US tax filing"
If you're speaking about documents outside of the IRS's Form and Schedules, something that needs to be sent in with your income tax return, then the answer is "nothing." Keep every bit of documentation you receive, preferably attached to the paper copy of your income tax return that you print for your own records.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17538342114
Returning Member
abcxyz13
New Member
cm-jagow
New Member
dpa500
Level 2
user17533562053
New Member