How to show capital gain in Turbo Tax Deluxe 2024 from inherited land sale in India?

[TS1494]

I am using turbo tax deluxe 2024. I need to include capital gain from inherited land sale and taxes paid in India. TT2024 does not seem to provide a place to manually enter the information. Could someone post step-by-step procedure? If this has been answered elsewhere, please point me to it.  Any help is appreciated.

[MaryK4]

Please see Where do I enter the sale of a second home, an inherited home, or land on my 2024 taxes?

[TS1494]

Thank you.  TT Premier is helpful in reporting the sale of the property.  The process does not have a place to show that the sale was overseas  Also, I am having trouble with exactly where to show the corresponding taxes paid in India.

[DawnC]

You can include a reference to India in the property description when you report the sale.   

The tax you paid to India should not be reflected in the calculation of your gain.  You will be able to take a credit for the foreign tax paid on your US Tax Return, see link below.   You will have to come up with a reasonable method to determine the fair market value of the property at the time you inherited it, or use a cost basis of zero - $0.00 .   Be sure to document and keep your method of determining the fair market value when you inherited the property. 

To report the foreign taxes you paid, follow the instructions in this TurboTax FAQ