How to report Long Term gains from sale proceeds outside of United States

[cspfire2024]

Hello Experts,

I sold real estate property outside of the United States during December, 2021.  This transaction resulted in some Long Term capital gains.  I am wondering if you have any thoughts on how to report this transaction while filing my 2021 Federal Taxes.  Appreciate your help and time.

Second part of the question.  I already paid taxes in the foreign country, is there a way to report and claim credit if the taxes paid overseas is higher than US taxes.

Thanks.

[MaryK4 · Accepted solution]

First you will enter the sale of the property so that it will be reported on your Schedule D.  

After you enter the sale, you will be able to claim a foreign tax credit or deduction by completing the section in Deductions & Credits.  Note: Your foreign taxes paid may take your U.S. taxes to zero but you do not get a refund if you paid more.  

Follow the links below and if you have any questions during the process. ad them to this post.

Where do I enter the sale of a second home, an inherited home, or land on my 2021 taxes?

Where do I enter the foreign tax credit (Form 1116) or deduction