Capital gains on investment in foreign assets (private company) ?

[gkotak]

I have invested in a privately held company in the UK, which recently got acquired. I made a profit on my investment. The investment was made over 12 months ago. How are these gains taxed and how do I enter it in Turbotax?

[RichardK · Accepted solution]

Foreign income is entered in the same manner as domestic income, for example: if you purchased then disposed of a security, you could report it on Form 8949. You may be allowed a credit, if you paid or accrued foreign tax Form 1116).