Using turbotax Premier ONLINE version. I have no 1099B for foreign capital gain transaction. How do I enter that on the ONLINE version? it seems doable on PC version.

[pk]

@badri-gopalan ,  as far as I know the entry screens are pretty similar for both the On-line and  downloaded.CD version.  However, my question would be  what kind of Capital Gain are you talking about -- stocks/bonds/ real-estate or what?  Generally Capital gains show up on 1099-B , 1099-S  and also on Brokers' consolidated Report .  And depending on what you sold/bartered the  reporting requirement  may be different.  Please tell

Namaste

pk

[bg28]

hi, these are stock gains. BUT they are in a foreign country where the broker does not issue a 1099B - they dont even know what that is. Hence, no 1099B. But of course, i want to report the income.

[DoninGA]

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@bg28 wrote:

hi, these are stock gains. BUT they are in a foreign country where the broker does not issue a 1099B - they dont even know what that is. Hence, no 1099B. But of course, i want to report the income.

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To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Under Investment Income
• On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

On the next screen, click Yes

On the next screen, click Continue

On the next screen, click Continue

On the next screen, click I'll type it in myself

[pk]

@badri-gopalan , agreeing with the very helpful and step-by-step instructions by @DoninGA , I would only like to a the following because this is a foreign source income:

(a) assuming that you are US citizen/Resident( GreenCard)/Resident for Tax purposes ( work visa),  you will have to report the basis of the  assets using  exchange rate at the time of acquisition  -- IRS publishes  historical  average annual exchange, there are also many site  that provide similar data and  choose " basis not reported " i.e.  your broker did not provide the basis  on a form to the IRS 

(b) Sales price again is to be converted  using  then current exchange rate.

(c) many countries  ( including India ) collects/withholds tax at source --TDS.  You will need to report this  for tax credit treatment  only after the   tax filing in the country ( India ) has been settled  or you can file using the withheld amount and then when all is settled , file an amended return to recognize any changes.  

(d) note that the US computation  of  gain and /or capital treatment  is  per  US tax laws and completely independent of  gain/Capital gain treatment in that "other" country ( e.g.  holding period, indexing of basis etc. etc. ).  May I also suggest that you peruse through the  US-foreign country ( India ) tax treaty  to make sure that you are compliant  and  get the best  tax outcome.

pk