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george1550
Returning Member

reporting 2nd home sale in Taiwan

I reported a Taiwan 2nd home sale with both Schedule D and 1116. It looks like the capital gain was counted twice?

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1 Reply
pk
Level 15
Level 15

reporting 2nd home sale in Taiwan

@george1550  need more info --

(a) assuming -- tax payer / owner of foreign prop. is a US  person ( citizen/GreenCard/Resident for Tax purposes);  2nd home  disposition was entered  per usual i.e.  Schedule-D ( Acquisition date , disposition date , adjusted basis ,  gross sales proceeds etc. ), resulting in  a capital gain per US Tax laws;  No other foreign income reported;   form 1116  was done  per step-by-step using the lesser of foreign capital gain and US capital gain, foreign income tax  reported is  paid / accrued .

(b)  Did you go into forms mode and see the form 1116   (  form 1116  comp. worksheet ) showing the  gross foreign source income ?  Is this where you are finding the error ?  Did you use any adjustments to "gross foreign  source " income while entering the details ?

I am asking all these Qs and including my assumptions  because based on your answers we may be able to see  why TurboTax is misbehaving.  The more you tell me  about the situation and  where you entered the data, the more accurate  my response is likely to be.   As you can see , I do not have any clue off the top -- you appear to have done the needful and yet Turbo seems to think otherwise.

 

Will circle back once I hear from you 

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