I have been a resident alien in the US for 2018, and I sold my personal car I owned in my home country during that same year.
This should be reported as foreign income under the "Sale of personal items" clause in IRS's Publication 525 document, but I can't figure out where to put a personal item foreign sale in TurboTax.
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It is no different than selling (and reporting of ) stocks and bonds only difference being that gains are taxed but losses are not allowed ( personal property). Did you make a gain or a loss. Would suggest to not bother if it was a loss. However , if you paid a tax on this sale to foreign administration and there was a gain then there is definite reason to report this transaction. Do you need more on this?
It is no different than selling (and reporting of ) stocks and bonds only difference being that gains are taxed but losses are not allowed ( personal property). Did you make a gain or a loss. Would suggest to not bother if it was a loss. However , if you paid a tax on this sale to foreign administration and there was a gain then there is definite reason to report this transaction. Do you need more on this?
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