Would i be able to enter this sale in TurboTax? - YES
If i do pay cap gain taxes to Canada, is there a way to report that in turbotax and get credit for the ta...
Tax on excess IRA contributions
An excess IRA contribution occurs if you:
Contribute more than the contribution limit.
Make a regular IRA contribution for 2019...
Purchased house for $104000 + $16000 improvements = $105,600 basis.
Sold in Sept 2022 for $408000 (net) - $105,600 = $302,400 capital gain.
$302,400 capital ...
You would only pay tax on the interest earned during the tax year, if any. There is no tax on the return of the principal (amount loaned to your friend) .
