Should Turbotax when completing form 1116, ask for the sale of land in foreign currency?

[kmahade1]

It only asked for the sale in USD and not in foreign currency, why?

[ThomasM125]

You should enter it in US dollars, as the IRS does not want to have to convert the foreign currency to US dollars when processing your tax return.

[kmahade1]

Thomas, 

Thank you for the quick reply. I am able to input the sale in USD. However, if you see Form 1116, they also require in foreign currency which the TT tax does not ask for. How will Turbotax complete form 1116 without this information? 

[ThomasM125]

Yes, I see when I look at the form is does request the foreign currency numbers. You are able to enter them manually when you use the desktop version of TurboTax, where you can make an entry directly on the form. You aren't able to do that in the online version of TurboTax. I'm not sure why, but it is clear it will not affect that calculations in the program.

[kmahade1]

Thank you, Thomas

[kmahade1]

Hello Thomas,

Any idea how to upload all documents related to Form 1116 when working on Turbotax online?

[AmyC · Accepted solution]

You can upload required documents. See How do I upload documents to My Docs™?

All supporting documents should be kept with your tax records- in case the IRS has questions.