I have a question about long term Capital Gains reported in foreign country property sale.
I am US citizen. During 2019-20 financial year, we sold a property in India and we bought another property in India. We did not bring back any $$ money to USA.
We filed income tax returns in India for the FY 2019-20 & already paid Income tax (20% of the Captial Gains) in India.
Now, I am filing US tax returns. Do I need to report this foreign earning Capital Gains in US tax returns?
Since the Tax is already pain, I am concerned for double taxation. How to avoid double taxation?
Could you please elaborate on whether I need to report the foreign earning Capital Gains which is already paid taxes in India?
Could you please guide me on how to deal with my situation in Turbo Tax?
Appreciate your valuable guidance.
Thank you.
-Prasad.