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Question

The questions on 1116 don’t get me anywhere.I keep going around in circles unable to report a foreign tax pain on capital gains from home sale abroad

Forum|Forum|1 year ago
January 16, 2025
1 reply
0 views

Is there a way to do it directly?

Employee

@Klatgarff22 for 2024 software ( Windows download ) still is not available for form 1116. Think it is supposed to be in the next update ( this Friday ? ).

Can you tell me a little about the situation / scenario including how acquired, which country etc. ?

Klatgarff22 Author

@pk12_2, I use a Mac desktop. The situation is generic. A house sale in a country that has a tax treaty with the US. The sale generates gains and is therefore subject to taxation in the said country as well as in the US. Filing in the US, I want to claim an individual foreign tax credit on what I’ve paid abroad. The deduction option is not sufficient for compensating the burden of the tax.

Klatgarff22 Author

Issue resolved! However, I am not sure how successful I would be in performing the same task from scratch.

I don’t know whether this reflects on the complexity of the tax code or the turbotax sw.