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Visitor II

where do i report long term capital gains from a property that was sold in a foreign country?

I am using Turbotax 2017 home and business

In 2017 I sold my property (a vacant residential plot) in foreign country and paid local taxes.

How do I report cap gains and report taxes paid on the above transaction using Turbotax 2017 home and business edition.

 

Thanks

1 Comment
TurboTax Specialist

where do i report long term capital gains from a property that was sold in a foreign country?

Report the sale in the Investment section.

  • Select Stocks, Mutual Funds, Bonds, Other
  • Choose land as your type of investment sold
  • Continue to enter the sale details and gain/loss will be calculated

For the foreign taxes paid, enter under the Estimates and Other Taxes Paid, Foreign Taxes section under Deductions & Credits.