I paid the $10,000 fin 2018 for the Long Term Capital Gain tax in India after the sale of the Land I acquired 10 years ago there..
I think I can claim the $10,000 as foreign tax credit in the U.S. tax return. Can I? But, what are the data needed to claim the $10,000 on the U.S. as foreign Tax credit? I cannot simply put the $10,000 in the column. Right?
Then, do I complete Sch D, Long term capital Gain in the U.S. tax return and pay taxes applicable to the Long Term capital Gain?
These are all that I have to do? Anything more I need to do?
First you need to report the sale of the land under the investments area, then you will compute the Foreign tax credit or deduction.
To enter your Land sold
Click on Federal Taxes
Click on Wages and Income
Click on I'll choose what I work on
Scroll down to Investments
On Stocks, Bonds, Other, click the start or update button