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papachric
New Member

How do I report foreign income from the sale of a personal item abroad?

I have been a resident alien in the US for 2018, and I sold my personal car I owned in my home country during that same year.

This should be reported as foreign income under the "Sale of personal items" clause in IRS's Publication 525 document, but I can't figure out where to put a personal item foreign sale in TurboTax.




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pk
Level 14
Level 14

How do I report foreign income from the sale of a personal item abroad?

It is no different  than selling (and reporting of ) stocks and bonds only difference  being that  gains are taxed  but losses are not allowed ( personal property).   Did you make a gain or a loss. Would suggest to not bother if it was a loss.  However , if you paid a tax on this sale to foreign  administration and there was a gain then there is definite  reason to report this transaction.  Do you need more on this?

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1 Reply
pk
Level 14
Level 14

How do I report foreign income from the sale of a personal item abroad?

It is no different  than selling (and reporting of ) stocks and bonds only difference  being that  gains are taxed  but losses are not allowed ( personal property).   Did you make a gain or a loss. Would suggest to not bother if it was a loss.  However , if you paid a tax on this sale to foreign  administration and there was a gain then there is definite  reason to report this transaction.  Do you need more on this?

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