Form 8938--Part II) row 12--Were any foreign assets acquired or sold during the tax year? TT premier interview the question in the interview and no where we can answer.

[Raytam]

Form 8938--Part II) row 12--Were any foreign assets acquired or sold during the tax year? TT premier interview  the question in the interview and no where we can answer. When I see forms  it DEFAULTS to NO checked .and can not  edit. This is surprising TT thinks we SHOULD default to NO?
Is there any solution.Any one please?

[Anonymous_]

If @pk can't help you, contact Support.

How do I contact TurboTax? (intuit.com)

[pk · Accepted solution]

@Raytam , in an earlier post  ( if my almost 83 year old brain remembers correctly ), your foreign source income was largely sale of realestate in a foreign country  ( you had created a form 1116 using "lump sum" category -- which was  wrong -- s/b Passive ).  If I am correct  then you do not report this asset on Specified Foreign Asset form 8938 --- see -->  Basic Questions and Answers on Form 8938 | Internal Revenue Service (irs.gov).

Sale / Barter of Capital assets  ( Stocks/Bonds / Real-estate  etc ) go on form 8949, whether foreign or domestic.  And of course form 1116 for recoup of foreign taxes paid ( to the extent allowed  for the year ).

However, if you do have to report assets on form 8938 ( FATCA ), then generally in TurboTax, you can go back to the original screen where it had asked for the response ( Were any assets acquired or disposed .... ) and select the correct tick box.   Else, go to forms mode  and from the forms tree on the left pane select  the 8938 worksheet and enter directly.   Of course this is true ONLY for windows CD/download version.  I am not familiar  with the  "how to" in on -line version.

Please will you let me know if this does not solve your issue, please ?

[Raytam]

Thanks PK. It clarified my question. Mine was sale of personal real property. My mistake I try to put it in a wrong basket altogether.

AND most importantly --My current issue is -( as posted in other thread) As I sold real property will it be subject to 'Adjustment to Line 1 a of form 1116 ' amount as in case of "qualified dividends and Gains'?

(Mine NOT qualified dividends and gains nut LTCG from sale of property).

Thanks for your time and advise. I await for reply.