I have along term capital gain, by selling my condominium in India, how and where should I enter the figure of capital gain? Capital gain tax paid in India.

[manekpitroda]

Where do I enter the long term capital gain figure? Is there a particular FORM? Do I get adjusted the income tax I have paid in India?

[JamesG1]

What is the nature of the condominium that was sold?  The sale of these properties are all treated differently:

• Your main home, 
• A second home, 
• A vacation home, 
• Land,
• Residential rental property, or
• Real property recorded as a business asset.

The sale of a second home, an inherited home or land are considered investment sales.

In TurboTax Online Premier, follow these steps to report the sale:

• Click on the Search magnifying glass and enter sale of second home.
• Click on the Jump to sale of second home link.
• Click on Add investments.
• At the screen Let's import your tax info, click on Enter a different way.
• At the screen OK, let's start with one investment type, select Other and click Continue.
• At the screen Tell us more about this sale, enter the name.  Click Continue.
• At the screen Now, enter one sale….., enter the information.  Click Continue.
• At the screen Let us know if any of these situations apply to this sale, answer as appropriate.  Click Continue.

The entry will be reported:

• on Schedule D of the Federal 1040 tax return, and 
• on line 7 of the Federal 1040 tax return.

The income tax paid in India may qualify for a foreign tax credit.  In TurboTax Premium Online, follow these steps:

1. Down the left side of the screen, click Federal.
2. Down the left side of the screen, click Deductions & credits.
3. Click the down arrow to the right of Estimates and Other Taxes Paid.
4. Click to the right of Foreign Tax Credit.
5. Follow the screens to see whether you qualify for the credit or deduction.

If this does not completely answer your question, please contact us again and provide more information.