topic I have capital gain in Canada and reporting the foreign taxes paid on form 1116. the foreign tax worksheet states “amount for canada”. Is this reported in USD or CAD? in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-have-capital-gain-in-canada-and-reporting-the-foreign-taxes-paid-on-form-1116-the-foreign-tax/01/981376#M110882 i paid taxes in CAD. Also, do I also have to report the capital gain in the income section, or only on form 1116? Mon, 13 Jan 2020 16:13:56 GMT gregordempster 2020-01-13T16:13:56Z I have capital gain in Canada and reporting the foreign taxes paid on form 1116. the foreign tax worksheet states “amount for canada”. Is this reported in USD or CAD? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-have-capital-gain-in-canada-and-reporting-the-foreign-taxes-paid-on-form-1116-the-foreign-tax/01/981376#M110882 i paid taxes in CAD. Also, do I also have to report the capital gain in the income section, or only on form 1116? Mon, 13 Jan 2020 16:13:56 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-have-capital-gain-in-canada-and-reporting-the-foreign-taxes-paid-on-form-1116-the-foreign-tax/01/981376#M110882 gregordempster 2020-01-13T16:13:56Z Re: I have capital gain in Canada and reporting the foreign taxes paid on form 1116. the foreign tax worksheet states “amount for canada”. Is this reported in USD or CAD? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-i-have-capital-gain-in-canada-and-reporting-the-foreign-taxes-paid-on-form-1116-the-foreign-tax/01/981390#M110884 <P>All amounts entered on a US tax return is to be reported in US dollars.</P> <P>Go to this IRS website for dollar to foreign currency yearly average currency exchange rates -&nbsp;<A href="https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates" target="_blank">https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates</A></P> Mon, 13 Jan 2020 16:23:03 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-i-have-capital-gain-in-canada-and-reporting-the-foreign-taxes-paid-on-form-1116-the-foreign-tax/01/981390#M110884 DoninGA 2020-01-13T16:23:03Z Re: I have capital gain in Canada and reporting the foreign taxes paid on form 1116. the foreign tax worksheet states “amount for canada”. Is this reported in USD or CAD? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-i-have-capital-gain-in-canada-and-reporting-the-foreign-taxes-paid-on-form-1116-the-foreign-tax/01/981391#M110885 <P>The sale that produced a capital gain is also reported in the Wages and Income section under Investment Income&gt;Stocks, Mutual Funds, Bonds, Other</P> Mon, 13 Jan 2020 16:25:39 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-i-have-capital-gain-in-canada-and-reporting-the-foreign-taxes-paid-on-form-1116-the-foreign-tax/01/981391#M110885 DoninGA 2020-01-13T16:25:39Z Re: I have capital gain in Canada and reporting the foreign taxes paid on form 1116. the foreign tax worksheet states “amount for canada”. Is this reported in USD or CAD? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-i-have-capital-gain-in-canada-and-reporting-the-foreign-taxes-paid-on-form-1116-the-foreign-tax/01/981408#M110887 <P>Great! thanks for clarifying.</P> Mon, 13 Jan 2020 16:39:01 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-i-have-capital-gain-in-canada-and-reporting-the-foreign-taxes-paid-on-form-1116-the-foreign-tax/01/981408#M110887 gregordempster 2020-01-13T16:39:01Z