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January 11, 2025
Question

how to do that on Turbotax

  • January 11, 2025
  • 1 reply
  • 0 views

I am currently working on my tax return on Turbotax but struggling to find where to report the sale of foreign  house. Can you explain the steps to do so? 

1 reply

Employee
January 11, 2025

@Fkokash 

(a) which country is the property in ?  Did you pay any taxes on the sale of the house ?

(b)  Are you a US person ( citizen/GreenCard/ Resident for Tax purposes ) or were at the time of the sale of the property ?

(c) How did you acquire the property ?  How did you use it  ?

 

In general,  reporting of sale a house , whether  domestic or foreign is exactly the same.  The only difference is that you have recognize all transactions in  US$ of the day.

Please answer my questions and I will circle back and walk you through on how to report ( and be taxed  on) the transaction.

 

Is there more I can do for you ?