Money from Sale of Foreign Property

[deepakkhat]

Hi,

I am a resident alien. I sold my property in India and paid the taxes over there as part of Capital Gain. The remaining amount i wire transferred from India to my Wells Fargo amount.

While filing taxes, do i need to report this amount -  like fill any specific form while filling taxes? Will this amount is taxed here also in US?

[RobertB4444]

All income is taxable to US residents so you will need to declare this sale of property on your US tax return.  You'll enter it on schedule D by scrolling down in TurboTax's wages and income section to 'Investment Income'.  Click start next to "Stocks, Cryptocurrency, Bonds, Mutual Funds, Other".  (Your sale is the Other)  Go through the steps and enter all of the information about the sale here.

Then you need to enter the taxes that you already paid.  You will receive a foreign tax credit for the amount already paid to India so that you are not required to pay that amount again.  You'll go to the deductions and credits section and scroll down to 'Estimates and Other Taxes Paid' and click start next to 'Foreign Taxes'.  Then follow the steps there.

@deepakkhat