You will need to enter the information in the TurboTax in the Investment Section: If it was your primary home you would need enter home sale in the Search box.
There are special rules in the US for selling foreign property. You must use the spot rate on the date of purchase to determine the cost basis. You need to enter spot rate on the date of sale. The difference is the gain or loss on the sale. Also if there was a mortgage on the property you may have a mortgage gain or loss. If a gain, it is taxes as ordinary income. If a loss, it is not deductible. Please see the attached article which considers this issue. US Individual Income Tax Implications of an Appreciating US Dollar
See below the instructions for entering the information into the Online Premier version.
- Click on Federal on the left hand side of your screen.
- Go to Wages and Income
- Start Stocks, Mutual Funds, Bonds, Other
- Did you sell any investments in 2019? say yes
- Did you get a 1099-B for these sales. say no
- Choose the type of investment you sold, I would think it would be a second home or land
- Continue and enter your information.
After entering all your information into the investments section, enter foreign tax credit in the Search bar at the top of the screen
- In the foreign tax credit section, you will need to choose the type of income, choose passive
- You will enter the gross sales price
- On the screen for Definitely Related Expenses, enter your expenses
- Continue through the screens until done.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
