topic Sale of Home owned in a Foreign Country in Get your taxes done using TurboTax

Sale of Home owned in a Foreign Country

dhirenk2003 — Sat, 20 Jun 2020 20:41:03 GMT

Where do I report a Sale of my home that I owned in another Country. This is not my primary home nor a Second Home(as defined by IRS). Which category does this fall under?

Thanks for your help.

Re: Sale of Home owned in a Foreign Country

SusanY1 — Sat, 20 Jun 2020 21:43:42 GMT

This would be the sale of investment property. In TurboTax it will go under Wages & Income (or Income & Expenses in some versions) and is entered as follows:

Click on Show more beside Investment Income
Click on Start beside Stocks, Mutual Funds, Bonds, Other
Click on Add Sales and then Other
Follow the prompts here to enter the details of the sale keeping in mind that many of the categories may not fit exactly so you may have to choose the closest one. The categories are designed to help TurboTax customize the interview and will not affect how your return is calculated.

Re: Sale of Home owned in a Foreign Country

dhirenk2003 — Sun, 21 Jun 2020 05:35:54 GMT

Thanks! I did enter the amount under Stocks, Mutual Funds, Bonds and Others.

Now I am stuck in a loop to Enter Foreign Tax Credit.

Can some one tell me how to claim Foreign Tax Credit and link it to the Entry I entered to show the Sale of property in a foreign country.

Thanks.