Tax implications of buying a mining company on a foreign stock exchange?

[developedmine1]

I am a US citizen. If I bought a mining company on the Australian stock exchange, are there tax implications that I need to consider?I'm using Interactive Brokers.

If I do sell for a realized capital gain/loss, are the rules the same as it is for normal US stocks? Will Turbotax take care of it for me or will I have to manually intervene to convert to USD currency? I'm hoping that 1099 import to Turbotax will take care of the complication. Not sure if I need to file taxes with the Australian taxing agency.

Not sure if the below applies since I plan to buy a mining stock.

https://www.ato.gov.au/General/Capital-gains-tax/International-issues/Taxable-Australian-property/

[DanielV01]

Yes, there are tax implications.  Since you are a US Citizen, your worldwide income is subject to US tax.  This exchange will be subject to Capital Gains tax rules and must be expressed in terms of USD and not AUD.  If you are using an importing tool to import the information into TurboTax, you need to verify that the transactions are expressed in USD equivalent.  If they are not, you will need to make the conversion.

We can't give advice on whether or not the transactions are taxable in Australia or not.  However, if they are, you should be able to claim a Foreign Tax Credit for any tax you are required to pay to Australia.  For information on how to input the Foreign Tax Credit, see this Help Article Link:  Where do I enter the foreign tax credit (Form 1116...

This can be quite complicated, but you can get assistance with entering this correctly, if you choose to add TurboTax Live.  Here is more information on this service:  What is TurboTax Live?