https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-sold-my-home-in-india-and-paid-taxes-in-india-where-do-i-need-to-enter-this-data-in-turbo-tax-the/01/320522#M39302 Mon, 03 Jun 2019 19:10:23 GMT vasant-bhat 2019-06-03T19:10:23Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-sold-my-home-in-india-and-paid-taxes-in-india-where-do-i-need-to-enter-this-data-in-turbo-tax-the/01/320522#M39302 Mon, 03 Jun 2019 19:10:23 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-sold-my-home-in-india-and-paid-taxes-in-india-where-do-i-need-to-enter-this-data-in-turbo-tax-the/01/320522#M39302 vasant-bhat 2019-06-03T19:10:23Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/if-you-sold-a-foreign-property-you-must-calculate-the-gai/01/320531#M39304 <P>If you sold a foreign property you must calculate the gain or loss according to the following instructions.</P><OL> <LI>Calculate the purchase price using the spot rate on the date of purchase to determine the USD cost on that date.<BR /> </LI> <LI>Calculate the sales price using the spot rate on the date of sale to determine the USD price on the sales date.</LI> </OL><DIV>The difference between the USD amount on the purchase date and the USD amount on the date of sale, is the gain or loss that is calculated.&nbsp;&nbsp;</DIV><DIV>If you meet the requirements for a home sale exclusion, you may be able to exclude from tax up to $250,000 gain if single and up to a $500,000 gain if you are married filing jointly and you both lived in and owed the home the last 2 out of 5 years.&nbsp; <A rel="nofollow" href="https://www.irs.gov/publications/p523" target="_blank">https://www.irs.gov/publications/p523</A><BR /> </DIV><DIV> <BR /> </DIV><DIV>If you settled a mortgage when you sold your home, you will have a mortgage gain or loss.&nbsp; Use the exchange rate on the date the mortgage was taken out and use the exchange rate on the date the mortgage was closed.&nbsp; The difference is a gain or loss.&nbsp; If it is a gain, it is taxable as ordinary income.&nbsp; If it is a loss, it is considered a personal loss and is not deductible.<BR /> </DIV><DIV> <A rel="nofollow" href="https://www.taxadvisorypartnership.com/blog/us-tax/foreign-mortgage-exchange-rate-gain/" target="_blank">https://www.taxadvisorypartnership.com/blog/us-tax/foreign-mortgage-exchange-rate-gain/</A> </DIV><DIV> <BR /> </DIV><DIV>You would report the sale of your home by entering<B> home - sale of home</B> in the search box at the top of your screen and click on <B>Jump to</B> </DIV><DIV> <BR /> </DIV>You will need to enter your foreign tax paid by entering in the search box at the top of your screen <B> <I>foreign tax credit </I> </B>and click<B> Jump to</B><BR /><BR /> Mon, 03 Jun 2019 19:10:25 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/if-you-sold-a-foreign-property-you-must-calculate-the-gai/01/320531#M39304 KarenJ 2019-06-03T19:10:25Z