turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

kash9
New Member

Foreign tax credit in case of Loss on real estate property

Sold Two properties in India:
    Property1: Foreign property  (second home) sold at a loss (LongTerm)
    Property2: Foreign property  (plot) sold at a gain (LongTerm).  Paid taxes in India
And need help with some tax filing questions.

Filed the details of both the properties in the Income section.  Scheduled-D (Part II) shows loss on proprty1 as adjustment in column g and gain on property 2 in column h. 

 

I am using TurboTax desktop Premium product.
Here are the steps I have followed in the TurboTax product, to take Foreign Tax Credit: 
In FEDERAL TAXES > Deductions & Credits > Foreign Taxes

  1. Foreign Tax Credit > click on "Yes"

  2. Before We Begin > click on "Yes"

  3. Foreign Taxes > click on "Continue"

  4. Do You Want the Deduction or the Credit? > click on "Take a Credit"

  5. Reporting Foreign Taxes Paid > Click on "Continue"

  6. First Year You are Eligible? selected the "First year I am eligible for the election" and click Continue

  7. Elect the Simplified Method > click on "Elect Simplified Calculation"

  8. Completing Forms 1116 >  click on "Continue"

  9. .Foreign Tax Credit Worksheet > click on "Continue"

  10. Choose the Income Type >  selected the "Passive Income" and click on "Continue"

  11. Country Summary > Created a Country "India"

  12. Country Name "India"

  13. Other Gross Income - India >

    1. Description as "Capital gains fom Sale of Property"

    2. entered the Gains from the Property 2.  Loss from Property 1 is not entered as it is not considered in Scheduled D.

  14. Definitely Related Expenses - India > did not entered details and click on "Continue"

  15. Foreign Losses > did not enter anything here and click on "Continue"

  16. Foreign Taxes Paid - India > entered the taxes paid and click "Continue"

     

     I have these following questions:
    6. First Year You are Eligible? selected the "First year I am eligible for the election" and click Continue

        Question: Not sure whether this is correct option for me, Please explain what this is.
    7.Elect the Simplified Method > click on "Elect Simplified Calculation"

        Question: Not sure whether this is correct option for me, Please explain what this is.
    13.Other Gross Income - India > Description as "Capital gains fom Sale of Property" and entered the Gains from the Property 2.  Loss from Property 1 are not entered as it is not considered in Scheduled D.
        Question: is this the correct way of entering ignoring the Propoerty 1 loss here.   Also I did enter Sale proceeds - cost basis as the income here, is that correct?

    15.Foreign Losses > did not enter anything here and click on "Continue"
        Question: not sure If I need to enter loss on Propoerty 1 here

@DaveF1006 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

5 Replies

Foreign tax credit in case of Loss on real estate property

I'll page @pk. Please check back later.

kash9
New Member

Foreign tax credit in case of Loss on real estate property

@tagteam can someone help with this query?  I have not received any response so far.
@pk

@DaveF1006 

Foreign tax credit in case of Loss on real estate property

You might want to contact Support.

 

What is the TurboTax phone number? (intuit.com)

 

@DaveF1006 is a seasonal employee and is not on the board at this time.

kash9
New Member

Foreign tax credit in case of Loss on real estate property

@tagteam is it possible for @pk to answer my qustion?  Not able to at mention PK.

Foreign tax credit in case of Loss on real estate property

If you need an answer immediately, you should contact Support. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies